Kingsview Wealth Management LLC Invests $1.52 Million in MercadoLibre, Inc. $MELI

Key Points

• Kingsview Wealth Management initiated a MercadoLibre position in the second quarter, purchasing 898 shares valued at approximately $1.52 million. Institutional investors and hedge funds collectively own 87.62% of the company.
• MercadoLibre exceeded quarterly expectations, reporting $9.19 in earnings per share and $10.17 billion in revenue, with revenue rising 49.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $2,272, despite several brokerages recently lowering their targets.

Kingsview Wealth Management LLC bought a new position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 898 shares of the company's stock, valued at approximately $1,524,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC acquired a new stake in shares of MercadoLibre during the fourth quarter worth about $26,000. Transamerica Financial Advisors LLC acquired a new position in shares of MercadoLibre in the 4th quarter valued at approximately $26,000. Purpose Unlimited Inc. acquired a new position in shares of MercadoLibre in the 4th quarter valued at approximately $28,000. Wedbush Fund Advisers LLC bought a new stake in MercadoLibre during the 2nd quarter worth approximately $29,000. Finally, Darwin Wealth Management LLC bought a new stake in MercadoLibre during the 2nd quarter worth approximately $29,000. 87.62% of the stock is owned by institutional investors and hedge funds.

MercadoLibre Stock Performance

Shares of MELI stock opened at $1,966.25 on Friday. The company's fifty day simple moving average is $1,824.45 and its 200-day simple moving average is $1,772.36. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.53. The firm has a market cap of $99.69 billion, a PE ratio of 53.47, a P/E/G ratio of 1.35 and a beta of 1.34. MercadoLibre, Inc. has a 12 month low of $1,495.00 and a 12 month high of $2,548.50.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $9.19 EPS for the quarter, topping the consensus estimate of $8.65 by $0.54. The business had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.79 billion. MercadoLibre had a net margin of 5.30% and a return on equity of 26.54%. The firm's revenue was up 49.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.31 earnings per share. Equities research analysts expect that MercadoLibre, Inc. will post 39.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MELI. Morgan Stanley dropped their target price on shares of MercadoLibre from $2,600.00 to $2,450.00 and set an "overweight" rating on the stock in a report on Monday, May 11th. Barclays lowered their price objective on shares of MercadoLibre from $2,500.00 to $2,300.00 and set an "overweight" rating for the company in a research report on Monday, May 11th. BTIG Research restated a "buy" rating and set a $2,150.00 price objective on shares of MercadoLibre in a report on Thursday, August 6th. Benchmark cut their price target on MercadoLibre from $2,780.00 to $2,380.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of MercadoLibre in a report on Thursday, July 2nd. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $2,272.00.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.

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