Exchange Traded Concepts LLC Raises Stake in MercadoLibre, Inc. $MELI

Key Points

• Exchange Traded Concepts LLC significantly increased its position in MercadoLibre, Inc. by 213.8% during the second quarter, owning 12,232 shares valued at nearly $32 million.
• MercadoLibre's stock price opened at $2,446.32, with a market capitalization of $124.02 billion and a reported 12-month revenue growth of 33.8%.
• The company missed earnings expectations in its latest quarterly report, posting $10.31 EPS versus the consensus estimate of $12.01 EPS.

Exchange Traded Concepts LLC lifted its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 213.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,232 shares of the company's stock after buying an additional 8,334 shares during the quarter. Exchange Traded Concepts LLC's holdings in MercadoLibre were worth $31,970,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MELI. Key Financial Inc bought a new stake in MercadoLibre during the first quarter valued at about $25,000. GW&K Investment Management LLC purchased a new position in shares of MercadoLibre in the first quarter worth about $25,000. Close Asset Management Ltd raised its position in MercadoLibre by 366.7% during the first quarter. Close Asset Management Ltd now owns 14 shares of the company's stock valued at $27,000 after acquiring an additional 11 shares in the last quarter. Park Square Financial Group LLC purchased a new position in MercadoLibre during the fourth quarter valued at approximately $26,000. Finally, Brooklyn Investment Group raised its position in MercadoLibre by 650.0% during the first quarter. Brooklyn Investment Group now owns 15 shares of the company's stock valued at $29,000 after acquiring an additional 13 shares in the last quarter. Institutional investors own 87.62% of the company's stock.

MercadoLibre Trading Up 0.3%

MercadoLibre stock traded up $6.56 during midday trading on Monday, reaching $2,458.90. 133,413 shares of the stock traded hands, compared to its average volume of 389,697. The company has a 50-day simple moving average of $2,382.11 and a two-hundred day simple moving average of $2,319.89. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. MercadoLibre, Inc. has a 12-month low of $1,646.00 and a 12-month high of $2,645.22. The firm has a market cap of $124.67 billion, a PE ratio of 60.65, a price-to-earnings-growth ratio of 1.60 and a beta of 1.49.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.01 by ($1.70). The company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.57 billion. MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The business's quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.48 EPS. Research analysts expect that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wedbush set a $2,700.00 price objective on MercadoLibre and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Scotiabank assumed coverage on MercadoLibre in a research report on Monday, July 28th. They issued a "sector outperform" rating and a $3,500.00 price objective for the company. Jefferies Financial Group restated a "hold" rating and issued a $2,800.00 price objective on shares of MercadoLibre in a research report on Tuesday, August 5th. Raymond James Financial restated a "strong-buy" rating and issued a $2,750.00 price objective on shares of MercadoLibre in a research report on Tuesday, August 5th. Finally, Barclays lowered their price target on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,817.22.

MercadoLibre Company Profile

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.