MercadoLibre, Inc. $MELI Shares Sold by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. reduced its stake in MercadoLibre by 28.3% in the second quarter, now holding 53,939 shares after selling 21,319 during that period.
• MercadoLibre reported earnings of $10.31 per share, falling short of expectations, but its revenue of $6.79 billion exceeded estimates, marking a 33.8% year-over-year increase.
• Analysts have varying opinions on MercadoLibre's outlook, with price targets ranging from $2,600 to $3,000 and a consensus rating of "Moderate Buy."

Coronation Fund Managers Ltd. cut its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 28.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,939 shares of the company's stock after selling 21,319 shares during the period. MercadoLibre accounts for 7.6% of Coronation Fund Managers Ltd.'s holdings, making the stock its 5th largest position. Coronation Fund Managers Ltd. owned about 0.11% of MercadoLibre worth $140,977,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MELI. Bison Wealth LLC acquired a new stake in MercadoLibre during the fourth quarter worth approximately $206,000. Wealth Enhancement Advisory Services LLC raised its position in shares of MercadoLibre by 4.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,218 shares of the company's stock valued at $8,230,000 after buying an additional 169 shares in the last quarter. Advisor Resource Council acquired a new stake in shares of MercadoLibre in the first quarter valued at approximately $486,000. PFG Investments LLC raised its position in shares of MercadoLibre by 9.4% in the first quarter. PFG Investments LLC now owns 339 shares of the company's stock valued at $661,000 after buying an additional 29 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of MercadoLibre by 16.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,609 shares of the company's stock valued at $8,992,000 after buying an additional 659 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Stock Performance

NASDAQ MELI opened at $2,102.11 on Tuesday. The firm's fifty day moving average price is $2,332.51 and its two-hundred day moving average price is $2,354.26. The stock has a market cap of $106.57 billion, a PE ratio of 51.92, a PEG ratio of 1.37 and a beta of 1.46. 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.

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). The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The business's quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.48 EPS. On average, equities analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MELI shares. Cantor Fitzgerald lifted their price target on shares of MercadoLibre from $2,700.00 to $2,900.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of MercadoLibre in a research report on Wednesday, October 8th. Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research note on Friday, August 1st. They issued a "buy" rating and a $3,000.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on shares of MercadoLibre from $2,700.00 to $2,600.00 and set a "neutral" rating on the stock in a research note on Friday, October 3rd. Finally, Barclays reissued an "overweight" rating and issued a $2,800.00 price objective on shares of MercadoLibre in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, MercadoLibre currently has a consensus rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.