MercadoLibre, Inc. $MELI Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its MercadoLibre stake by 45% in the third quarter, selling 42,606 shares and retaining 52,081 shares valued at approximately $90 million.
• Institutional ownership remains high at 87.62%, with major firms including BlackRock, Linonia Partnership, Jupiter Topco, and UBS increasing or initiating positions.
• Analysts maintain a generally positive view, with MercadoLibre rated “Moderate Buy” and an average price target of $2,251.88; the company recently beat quarterly earnings and revenue estimates, with revenue rising 49.8% year over year.

Assenagon Asset Management S.A. lessened its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 45.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 52,081 shares of the company's stock after selling 42,606 shares during the period. Assenagon Asset Management S.A. owned about 0.10% of MercadoLibre worth $90,024,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of MercadoLibre in the 2nd quarter valued at about $2,246,015,000. Janus Henderson Group PLC boosted its position in shares of MercadoLibre by 1.7% in the 1st quarter. Janus Henderson Group PLC now owns 614,238 shares of the company's stock worth $1,062,019,000 after purchasing an additional 10,142 shares in the last quarter. Linonia Partnership LP boosted its position in shares of MercadoLibre by 325.1% in the 2nd quarter. Linonia Partnership LP now owns 553,788 shares of the company's stock worth $939,994,000 after purchasing an additional 423,527 shares in the last quarter. Jupiter Topco LLC purchased a new position in MercadoLibre during the 2nd quarter worth $917,123,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in MercadoLibre by 7.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 533,816 shares of the company's stock worth $906,094,000 after buying an additional 38,871 shares during the last quarter. 87.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Citigroup reduced their target price on MercadoLibre from $2,150.00 to $2,100.00 and set a "neutral" rating on the stock in a research report on Tuesday. BTIG Research restated a "buy" rating and set a $2,150.00 price objective on shares of MercadoLibre in a report on Thursday, September 3rd. JPMorgan Chase & Co. increased their price objective on shares of MercadoLibre from $1,900.00 to $2,150.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of MercadoLibre in a research report on Tuesday, September 29th. Finally, Zacks Research upgraded shares of MercadoLibre from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Twelve 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 presently has an average rating of "Moderate Buy" and an average price target of $2,251.88.

MercadoLibre Stock Performance

MELI opened at $1,834.00 on Friday. MercadoLibre, Inc. has a twelve month low of $1,495.00 and a twelve month high of $2,428.00. The firm has a market capitalization of $92.98 billion, a PE ratio of 50.50, a PEG ratio of 1.30 and a beta of 1.31. The company has a current ratio of 1.12, a quick ratio of 1.10 and a debt-to-equity ratio of 0.53. The firm's 50-day moving average price is $1,863.15 and its 200 day moving average price is $1,783.74.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $9.19 earnings per share 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 business had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.79 billion. During the same period last year, the company posted $10.31 EPS. The business's revenue was up 49.8% on a year-over-year basis. As a group, sell-side analysts expect that MercadoLibre, Inc. will post 38.13 EPS for the current fiscal year.

MercadoLibre Company Profile

MercadoLibre, Inc NASDAQ: MELI operates a technology platform serving commerce and financial-services customers across Latin America. Its online marketplace connects buyers and sellers, offering products across categories including electronics, apparel, home goods, automotive products and consumer packaged goods.

The company also provides a range of supporting services, including Mercado Pago, a digital payments platform that enables online and in-person transactions, money transfers and other financial services.

Want to see what other hedge funds are holding MELI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MercadoLibre, Inc. (NASDAQ:MELI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.