ICONIQ Capital LLC Has $17.18 Million Holdings in MercadoLibre, Inc. $MELI

Key Points

• ICONIQ Capital LLC increased its stake in MercadoLibre, Inc. to 8,804 shares, making it the fund's 20th largest holding, valued at approximately $17.18 million.
• Several institutional investors, including Key Financial Inc and Brooklyn Investment Group, have recently made new investments or significantly increased their stakes in MercadoLibre.
• Analysts have a consensus rating of "Moderate Buy" for MercadoLibre, with price targets ranging from $2,750 to $3,500 as of August 2023.

ICONIQ Capital LLC boosted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,804 shares of the company's stock after purchasing an additional 113 shares during the period. MercadoLibre accounts for about 0.3% of ICONIQ Capital LLC's investment portfolio, making the stock its 20th biggest holding. ICONIQ Capital LLC's holdings in MercadoLibre were worth $17,175,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. UBS Group set a $3,000.00 target price on shares of MercadoLibre in a research note on Monday, June 2nd. Raymond James Financial reissued a "strong-buy" rating and issued a $2,750.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Benchmark reaffirmed a "buy" rating and set a $2,875.00 price objective on shares of MercadoLibre in a research report on Tuesday, August 5th. 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. Finally, Citigroup reduced their price objective on shares of MercadoLibre from $2,900.00 to $2,850.00 and set a "buy" rating for the company in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,817.22.

MercadoLibre Stock Up 4.0%

MELI opened at $2,430.62 on Friday. 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 debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The company has a market capitalization of $123.23 billion, a P/E ratio of 60.03, a P/E/G ratio of 1.58 and a beta of 1.46. The stock has a fifty day moving average of $2,411.33 and a 200-day moving average of $2,275.89.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $6.57 billion. During the same period in the prior year, the business posted $10.48 EPS. The firm's quarterly revenue was up 33.8% compared to the same quarter last year. On average, equities analysts expect 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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