MercadoLibre, Inc. $MELI Stock Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management reduced its MercadoLibre position by 3.2%, selling 1,643 shares and retaining 50,308 shares valued at approximately $85.4 million. Institutional investors collectively own 87.62% of the company.
• Wall Street’s consensus view remains positive, with 12 analysts rating MercadoLibre a Buy and six rating it a Hold. The stock has an average price target of $2,283.12, above its reported $1,752.61 opening price.
• MercadoLibre exceeded quarterly expectations, reporting $9.19 in earnings per share versus an $8.65 estimate and revenue of $10.17 billion. Revenue increased 49.8% year over year, while analysts project full-year EPS of $39.11.

Envestnet Asset Management Inc. lowered its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,308 shares of the company's stock after selling 1,643 shares during the quarter. Envestnet Asset Management Inc. owned 0.10% of MercadoLibre worth $85,392,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital Research Global Investors boosted its position in MercadoLibre by 22.5% in the fourth quarter. Capital Research Global Investors now owns 2,225,031 shares of the company's stock worth $4,481,812,000 after purchasing an additional 408,939 shares during the last quarter. Capital International Investors raised its stake in shares of MercadoLibre by 7.3% during the 4th quarter. Capital International Investors now owns 1,725,125 shares of the company's stock worth $3,474,880,000 after purchasing an additional 118,018 shares during the period. BlackRock Inc. purchased a new position in shares of MercadoLibre in the 2nd quarter worth about $2,246,015,000. Janus Henderson Group PLC boosted its holdings in shares of MercadoLibre by 26.4% in the 4th quarter. Janus Henderson Group PLC now owns 604,096 shares of the company's stock worth $1,216,807,000 after buying an additional 126,294 shares during the last quarter. Finally, Linonia Partnership LP grew its position in MercadoLibre by 325.1% during the second quarter. Linonia Partnership LP now owns 553,788 shares of the company's stock valued at $939,994,000 after buying an additional 423,527 shares during the period. Hedge funds and other institutional investors own 87.62% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on MELI shares. JPMorgan Chase & Co. lifted their price objective on shares of MercadoLibre from $1,900.00 to $2,150.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. 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 note on Wednesday, July 15th. BTIG Research reaffirmed a "buy" rating and issued a $2,150.00 price target on shares of MercadoLibre in a report on Thursday, September 3rd. Cantor Fitzgerald lifted their price target on shares of MercadoLibre from $2,150.00 to $2,300.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Zacks Research upgraded MercadoLibre from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $2,283.12.

MercadoLibre Trading Down 0.1%

Shares of MercadoLibre stock opened at $1,752.61 on Friday. The stock has a market capitalization of $88.86 billion, a P/E ratio of 47.66, a P/E/G ratio of 1.20 and a beta of 1.31. 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. The stock's 50-day simple moving average is $1,873.95 and its 200 day simple moving average is $1,770.08.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued 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. The firm had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.79 billion. MercadoLibre had a net margin of 5.30% and a return on equity of 26.54%. The company's quarterly revenue was up 49.8% on a year-over-year basis. During the same quarter last year, the business earned $10.31 earnings per share. As a group, research analysts anticipate that MercadoLibre, Inc. will post 39.11 EPS for the current year.

About MercadoLibre

MercadoLibre, Inc is a technology company that operates an online commerce and financial services ecosystem across Latin America. Founded in 1999 by Marcos Galperin, the company began as an online marketplace and has expanded into a broad platform serving consumers, merchants and businesses.

Its marketplace enables users to buy and sell products across categories, while Mercado Pago provides digital payments, online checkout, money transfers and other financial services. The company also offers Mercado Envíos logistics and fulfillment services, Mercado Ads advertising solutions, and credit products through Mercado Crédito.

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