Kornitzer Capital Management Inc. KS Reduces Stock Holdings in MercadoLibre, Inc. $MELI

Key Points

• Kornitzer Capital Management Inc. reduced its stake in MercadoLibre by 1.2% in Q2, holding 12,127 shares worth approximately $31.7 million.
• Despite Kornitzer's decrease, other investors such as Leavell Investment Management and Rational Advisors significantly boosted their holdings in MercadoLibre during the same period.
• MercadoLibre recently reported a Q2 EPS of $10.31, missing expectations, despite revenue growth of 33.8% year-over-year to $6.79 billion.

Kornitzer Capital Management Inc. KS reduced its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,127 shares of the company's stock after selling 149 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in MercadoLibre were worth $31,695,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Leavell Investment Management Inc. boosted its holdings in shares of MercadoLibre by 24.3% in the second quarter. Leavell Investment Management Inc. now owns 143 shares of the company's stock valued at $374,000 after acquiring an additional 28 shares during the period. Rational Advisors Inc. lifted its holdings in shares of MercadoLibre by 46.7% during the second quarter. Rational Advisors Inc. now owns 1,100 shares of the company's stock worth $2,875,000 after purchasing an additional 350 shares during the period. AG2R LA Mondiale Gestion D Actifs lifted its holdings in shares of MercadoLibre by 0.9% during the second quarter. AG2R LA Mondiale Gestion D Actifs now owns 1,703 shares of the company's stock worth $4,451,000 after purchasing an additional 15 shares during the period. Curio Wealth LLC lifted its holdings in shares of MercadoLibre by 1,400.0% during the second quarter. Curio Wealth LLC now owns 15 shares of the company's stock worth $39,000 after purchasing an additional 14 shares during the period. Finally, AlphaQuest LLC lifted its holdings in shares of MercadoLibre by 70.2% during the second quarter. AlphaQuest LLC now owns 400 shares of the company's stock worth $1,045,000 after purchasing an additional 165 shares during the period. 87.62% of the stock is owned by institutional investors and hedge funds.

MercadoLibre Price Performance

MercadoLibre stock traded up $12.79 during midday trading on Friday, reaching $2,161.11. 367,632 shares of the company were exchanged, compared to its average volume of 553,194. The company has a market capitalization of $109.57 billion, a price-to-earnings ratio of 53.37, a P/E/G ratio of 1.46 and a beta of 1.46. The firm's 50-day simple moving average is $2,315.64 and its 200-day simple moving average is $2,355.76. MercadoLibre, Inc. has a 1 year low of $1,646.00 and a 1 year 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.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $10.31 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 company's revenue for the quarter was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.48 EPS. On average, analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on MELI. Wedbush set a $2,700.00 price target on MercadoLibre and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Raymond James Financial reiterated a "strong-buy" rating and set a $2,750.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. Benchmark reiterated a "buy" rating and set a $2,875.00 price target on shares of MercadoLibre in a research report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of MercadoLibre from $2,700.00 to $2,600.00 and set a "neutral" rating for the company in a research report on Friday, October 3rd. Finally, Citigroup cut their price target on MercadoLibre from $2,850.00 to $2,700.00 and set a "buy" rating for the company in a research note on Thursday, October 9th. One 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $2,799.12.

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.

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