iA Global Asset Management Inc. Raises Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• iA Global Asset Management Inc. increased its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 1.7%, acquiring an additional 113 shares, bringing its total holdings to 6,589 shares valued at approximately $12.85 million.
• In the most recent quarter, MercadoLibre reported earnings per share of $10.31, falling short of analysts' expectations of $12.01, despite revenue growth of 33.8% year-over-year.
• MercadoLibre has seen significant interest from institutional investors, with 87.62% of its stock currently held by hedge funds, indicating strong confidence in the company's potential.

iA Global Asset Management Inc. lifted its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 1.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,589 shares of the company's stock after buying an additional 113 shares during the period. iA Global Asset Management Inc.'s holdings in MercadoLibre were worth $12,854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in MELI. Key Financial Inc purchased a new position in MercadoLibre during the first quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in shares of MercadoLibre during the first quarter valued at $25,000. Park Square Financial Group LLC purchased a new stake in shares of MercadoLibre in the fourth quarter valued at approximately $26,000. Covestor Ltd purchased a new stake in MercadoLibre in the fourth quarter worth about $27,000. Finally, Close Asset Management Ltd raised its stake in MercadoLibre by 366.7% in the first quarter. Close Asset Management Ltd now owns 14 shares of the company's stock worth $27,000 after buying an additional 11 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors.

MercadoLibre Stock Up 0.8%

MELI traded up $17.60 on Thursday, reaching $2,334.82. The company's stock had a trading volume of 352,014 shares, compared to its average volume of 351,713. The stock has a 50 day moving average of $2,441.77 and a two-hundred day moving average of $2,238.33. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61. 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 market capitalization of $118.38 billion, a price-to-earnings ratio of 57.66, a P/E/G ratio of 1.42 and a beta of 1.46.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released 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 company had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The business's quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the business earned $10.48 EPS. As a group, analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on MercadoLibre from $2,600.00 to $2,700.00 and gave the stock a "neutral" rating in a research report on Thursday. Morgan Stanley reissued an "overweight" rating on shares of MercadoLibre in a report on Thursday, May 1st. Barclays dropped their target price on shares of MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. UBS Group set a $3,000.00 price target on shares of MercadoLibre in a research note on Monday, June 2nd. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $2,800.00 price objective on shares of MercadoLibre in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $2,795.00.

About MercadoLibre

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.