Altimeter Capital Management LP Has $6.44 Million Position in MercadoLibre, Inc. $MELI

Key Points

• Altimeter Capital Management LP has significantly reduced its stake in MercadoLibre, Inc., selling 32,955 shares to hold only 3,300 shares, which represents a 90.9% decrease in their position.
• MercadoLibre reported earnings of $10.31 per share for the last quarter, missing analysts' expectations, though its revenue increased by 33.8% year-over-year to $6.79 billion.
• Several analysts have set new price targets for MercadoLibre, with estimates ranging from $2,700 to $3,500, indicating a generally positive outlook with multiple "buy" ratings from brokerage firms.

Altimeter Capital Management LP decreased its stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 90.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,300 shares of the company's stock after selling 32,955 shares during the quarter. MercadoLibre makes up about 0.1% of Altimeter Capital Management LP's holdings, making the stock its 19th biggest position. Altimeter Capital Management LP's holdings in MercadoLibre were worth $6,438,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banco Santander S.A. raised its holdings in shares of MercadoLibre by 221.9% during the 1st quarter. Banco Santander S.A. now owns 2,746 shares of the company's stock valued at $5,357,000 after purchasing an additional 1,893 shares in the last quarter. Prospect Financial Services LLC raised its holdings in shares of MercadoLibre by 41.7% during the 1st quarter. Prospect Financial Services LLC now owns 340 shares of the company's stock valued at $663,000 after purchasing an additional 100 shares in the last quarter. Stratos Investment Management LLC bought a new position in shares of MercadoLibre during the 1st quarter valued at $203,000. JARISLOWSKY FRASER Ltd raised its holdings in shares of MercadoLibre by 43.6% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 3,249 shares of the company's stock valued at $5,525,000 after purchasing an additional 987 shares in the last quarter. Finally, Avant Financial Advisors LLC bought a new position in shares of MercadoLibre during the 4th quarter valued at $316,000. Hedge funds and other institutional investors own 87.62% of the company's stock.

MercadoLibre Stock Performance

NASDAQ:MELI traded down $0.31 during midday trading on Friday, reaching $2,417.49. The stock had a trading volume of 493,478 shares, compared to its average volume of 300,482. MercadoLibre, Inc. has a 1-year low of $1,646.00 and a 1-year high of $2,645.22. The firm's fifty day simple moving average is $2,402.07 and its 200-day simple moving average is $2,301.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18. The stock has a market capitalization of $122.57 billion, a P/E ratio of 59.71, a PEG ratio of 1.57 and a beta of 1.49.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.01 by ($1.70). The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The business's revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.48 earnings per share. On average, equities research analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MELI shares. Wall Street Zen downgraded shares of MercadoLibre from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. Citigroup cut their price target on shares of MercadoLibre from $2,900.00 to $2,850.00 and set a "buy" rating on the stock in a report on Monday, August 18th. Benchmark restated a "buy" rating and set a $2,875.00 price target on shares of MercadoLibre in a report on Tuesday, August 5th. The Goldman Sachs Group raised their price target on shares of MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $2,800.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $2,817.22.

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.