Griffin Asset Management Inc. Sells 395 Shares of MercadoLibre, Inc. $MELI

Key Points

• Griffin Asset Management Inc. has reduced its stake in MercadoLibre, Inc. by 19.8% in the second quarter, owning 1,600 shares after selling 395 shares.
• MercadoLibre's stock currently has a consensus rating of "Moderate Buy" with an average price target of $2,815.29, following recent ratings from various analysts.
• The company's most recent quarterly earnings report indicated earnings per share of $10.31, missing expectations, but revenue grew by 33.8% year-over-year, reaching $6.79 billion.

Griffin Asset Management Inc. reduced its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 19.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,600 shares of the company's stock after selling 395 shares during the period. Griffin Asset Management Inc.'s holdings in MercadoLibre were worth $4,182,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. MGO One Seven LLC lifted its holdings in shares of MercadoLibre by 4.2% in the 2nd quarter. MGO One Seven LLC now owns 400 shares of the company's stock worth $1,045,000 after purchasing an additional 16 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its stake in MercadoLibre by 1,350.0% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 29 shares of the company's stock valued at $75,000 after acquiring an additional 27 shares in the last quarter. Index Fund Advisors Inc. bought a new position in MercadoLibre during the 2nd quarter valued at $1,134,000. LRI Investments LLC lifted its stake in MercadoLibre by 3.4% during the 2nd quarter. LRI Investments LLC now owns 586 shares of the company's stock valued at $1,531,000 after acquiring an additional 19 shares in the last quarter. Finally, Legal Advantage Investments Inc. lifted its stake in MercadoLibre by 21.8% during the 2nd quarter. Legal Advantage Investments Inc. now owns 1,986 shares of the company's stock valued at $5,191,000 after acquiring an additional 355 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on MELI shares. Wedbush set a $2,700.00 price objective on MercadoLibre and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Wall Street Zen cut MercadoLibre from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Benchmark restated a "buy" rating and set a $2,875.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. Weiss Ratings restated a "buy (b)" rating on shares of MercadoLibre in a research note on Wednesday, October 8th. Finally, Daiwa Capital Markets began coverage on MercadoLibre in a research note on Friday, August 1st. They set a "buy" rating and a $3,000.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,815.29.

MercadoLibre Trading Down 6.2%

Shares of MELI opened at $2,133.67 on Monday. The business has a 50-day moving average of $2,363.50 and a 200 day moving average of $2,347.84. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The firm has a market cap of $108.18 billion, a P/E ratio of 52.70, a price-to-earnings-growth ratio of 1.43 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20.

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

MercadoLibre 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.

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