MercadoLibre, Inc. $MELI Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC decreased its stake in MercadoLibre, Inc. by 6.4%, owning 86,366 shares worth approximately $168.5 million, making it the firm's 19th largest investment.
• During the same quarter, Banco Santander S.A. significantly increased its stake in MercadoLibre by 221.9%, while other investors like Prospect Financial Services LLC and JARISLOWSKY FRASER Ltd also boosted their holdings.
• MercadoLibre posted a revenue of $6.79 billion for the last quarter, exceeding analyst expectations, although its earnings per share fell short of consensus estimates.

Fred Alger Management LLC reduced its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,366 shares of the company's stock after selling 5,923 shares during the period. MercadoLibre comprises approximately 1.0% of Fred Alger Management LLC's holdings, making the stock its 19th biggest position. Fred Alger Management LLC owned 0.17% of MercadoLibre worth $168,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Key Financial Inc acquired a new position in MercadoLibre during the 1st quarter worth $25,000. GW&K Investment Management LLC bought a new stake in MercadoLibre in the first quarter valued at about $25,000. Park Square Financial Group LLC bought a new stake in MercadoLibre in the fourth quarter valued at about $26,000. Close Asset Management Ltd increased its holdings in shares of MercadoLibre by 366.7% in the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company's stock valued at $27,000 after acquiring an additional 11 shares during the last quarter. Finally, Brooklyn Investment Group raised its position in shares of MercadoLibre by 650.0% during the 1st 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. 87.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on MELI. Benchmark reaffirmed a "buy" rating and issued a $2,875.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Daiwa Capital Markets initiated coverage on shares of MercadoLibre in a research report on Friday, August 1st. They issued a "buy" rating and a $3,000.00 price target on the stock. Scotiabank initiated coverage on shares of MercadoLibre in a research report on Monday, July 28th. They set a "sector outperform" rating and a $3,500.00 price objective for the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $2,700.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. Finally, The Goldman Sachs Group lifted their target price on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, MercadoLibre currently has an average rating of "Moderate Buy" and an average price target of $2,817.22.

MercadoLibre Stock Performance

NASDAQ MELI traded down $10.79 during trading hours on Thursday, hitting $2,338.20. The company had a trading volume of 331,013 shares, compared to its average volume of 389,707. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $2,391.71 and a 200-day simple moving average of $2,304.11. The firm has a market cap of $118.55 billion, a P/E ratio of 57.75, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49.

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

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.