Manning & Napier Advisors LLC Has $92.23 Million Stock Position in MercadoLibre, Inc. $MELI

Key Points

• Manning & Napier Advisors reduced its MercadoLibre stake by 10.3% in the second quarter, selling 6,271 shares but retaining 54,339 shares valued at approximately $92.23 million. Institutional investors and hedge funds collectively own 87.62% of MELI.
• MercadoLibre exceeded quarterly expectations, reporting $9.19 in EPS and $10.17 billion in revenue; revenue increased 49.8% year over year, although EPS declined from $10.31 in the prior-year quarter.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $2,272.

Manning & Napier Advisors LLC reduced its stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 10.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,339 shares of the company's stock after selling 6,271 shares during the quarter. Manning & Napier Advisors LLC owned about 0.11% of MercadoLibre worth $92,234,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Laurel Wealth Advisors LLC bought a new position in shares of MercadoLibre during the fourth quarter worth approximately $26,000. Transamerica Financial Advisors LLC bought a new stake in MercadoLibre in the 4th quarter valued at $26,000. Purpose Unlimited Inc. bought a new stake in MercadoLibre in the 4th quarter valued at $28,000. Darwin Wealth Management LLC acquired a new position in MercadoLibre in the 2nd quarter valued at $29,000. Finally, Curio Wealth LLC acquired a new position in MercadoLibre in the 4th quarter valued at $30,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Stock Up 1.3%

Shares of NASDAQ MELI opened at $1,947.90 on Tuesday. The stock has a market capitalization of $98.75 billion, a P/E ratio of 52.98, a PEG ratio of 1.32 and a beta of 1.34. The stock's fifty day moving average is $1,799.08 and its 200 day moving average is $1,772.26. MercadoLibre, Inc. has a 52 week low of $1,495.00 and a 52 week high of $2,548.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.10 and a current ratio of 1.12.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MELI shares. Scotiabank dropped their target price on MercadoLibre from $3,500.00 to $2,800.00 and set a "sector outperform" rating for the company in a report on Thursday, May 7th. Weiss Ratings restated a "hold (c)" rating on shares of MercadoLibre in a research note on Thursday, July 2nd. Citigroup raised their price target on shares of MercadoLibre from $1,950.00 to $2,000.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Daiwa Securities Group cut shares of MercadoLibre from a "buy" rating to a "hold" rating and set a $1,800.00 price objective for the company. in a research note on Friday, May 8th. Finally, Barclays cut 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 report on Monday, May 11th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, MercadoLibre currently has an average rating of "Moderate Buy" and a consensus 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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