Evercore Wealth Management LLC Increases Stock Position in MercadoLibre, Inc. $MELI

Key Points

• Evercore Wealth Management increased its MercadoLibre position by 12.7% in the first quarter, purchasing 2,992 additional shares to own 26,601 shares valued at approximately $45.99 million. Institutional investors collectively own 87.62% of the company.
• MercadoLibre reported 49% year-over-year revenue growth to $8.85 billion, exceeding estimates, but quarterly EPS of $8.23 missed consensus by $0.52.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $2,258.67, despite several recent target-price reductions; the stock recently traded at $1,819.74.

Evercore Wealth Management LLC increased its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 12.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,601 shares of the company's stock after purchasing an additional 2,992 shares during the quarter. Evercore Wealth Management LLC owned approximately 0.05% of MercadoLibre worth $45,994,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC purchased a new stake in MercadoLibre in the 2nd quarter valued at about $29,000. Laurel Wealth Advisors LLC purchased a new position in shares of MercadoLibre in the 4th quarter worth approximately $26,000. Transamerica Financial Advisors LLC bought a new position in shares of MercadoLibre in the fourth quarter valued at approximately $26,000. Purpose Unlimited Inc. bought a new position in shares of MercadoLibre in the fourth quarter valued at approximately $28,000. Finally, Curio Wealth LLC purchased a new stake in shares of MercadoLibre during the fourth quarter valued at approximately $30,000. 87.62% of the stock is owned by institutional investors.

MercadoLibre Price Performance

MercadoLibre stock opened at $1,819.74 on Tuesday. MercadoLibre, Inc. has a 12 month low of $1,495.00 and a 12 month high of $2,548.50. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 0.63. The business's 50 day simple moving average is $1,710.62 and its 200 day simple moving average is $1,810.88. The company has a market cap of $92.26 billion, a price-to-earnings ratio of 48.03, a PEG ratio of 1.11 and a beta of 1.35.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.75 by ($0.52). The firm had revenue of $8.85 billion during the quarter, compared to analysts' expectations of $8.29 billion. MercadoLibre had a return on equity of 29.58% and a net margin of 6.04%.The business's quarterly revenue was up 49.0% compared to the same quarter last year. During the same period in the prior year, the business earned $9.74 earnings per share. Sell-side analysts forecast that MercadoLibre, Inc. will post 41 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MELI. JPMorgan Chase & Co. dropped their price target on MercadoLibre from $2,100.00 to $1,900.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of MercadoLibre in a research report on Thursday, July 2nd. Barclays lowered their target price on MercadoLibre from $2,500.00 to $2,300.00 and set an "overweight" rating on the stock in a research note on Monday, May 11th. Morgan Stanley cut their price target on shares of MercadoLibre from $2,600.00 to $2,450.00 and set an "overweight" rating on the stock in a report on Monday, May 11th. Finally, Cantor Fitzgerald reduced their price target on shares of MercadoLibre from $2,400.00 to $2,350.00 and set an "overweight" rating for the company in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,258.67.

Insiders Place Their Bets

In other news, Director Alejandro Nicolas Aguzin acquired 600 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was bought at an average price of $1,655.93 per share, with a total value of $993,558.00. Following the acquisition, the director owned 5,355 shares in the company, valued at $8,867,505.15. The trade was a 12.62% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.26% of the company's stock.

MercadoLibre Company Profile

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.

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