Federated Hermes Inc. Has $99.29 Million Position in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Federated Hermes Inc. increased its stake in MercadoLibre, owning 50,897 shares valued at approximately $99.29 million after purchasing an additional 305 shares during the first quarter.
• MercadoLibre reported $9.74 earnings per share for the recent quarter, exceeding expectations by $1.92, with a revenue of $5.94 billion, reflecting a 37.0% increase year-over-year.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with a price target of around $2,690.29, despite varied ratings from different investment firms.

Federated Hermes Inc. boosted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,897 shares of the company's stock after acquiring an additional 305 shares during the quarter. Federated Hermes Inc. owned 0.10% of MercadoLibre worth $99,293,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Kirtland Hills Capital Management LLC acquired a new stake in shares of MercadoLibre in the first quarter valued at $720,000. Meeder Advisory Services Inc. increased its stake in shares of MercadoLibre by 10.7% in the first quarter. Meeder Advisory Services Inc. now owns 919 shares of the company's stock valued at $1,793,000 after buying an additional 89 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of MercadoLibre in the first quarter valued at $1,027,000. Solidarity Wealth LLC increased its stake in shares of MercadoLibre by 66.7% in the first quarter. Solidarity Wealth LLC now owns 500 shares of the company's stock valued at $975,000 after buying an additional 200 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in MercadoLibre by 250.1% in the first quarter. Mackenzie Financial Corp now owns 1,740 shares of the company's stock valued at $3,395,000 after acquiring an additional 1,243 shares during the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Stock Up 0.3%

Shares of NASDAQ:MELI traded up $6.33 during trading on Friday, hitting $2,380.22. 53,865 shares of the company were exchanged, compared to its average volume of 386,826. The stock has a market cap of $120.68 billion, a price-to-earnings ratio of 58.62, a P/E/G ratio of 1.42 and a beta of 1.49. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The firm has a fifty day moving average price of $2,458.47 and a two-hundred day moving average price of $2,219.50. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.57.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $9.74 earnings per share for the quarter, topping the consensus estimate of $7.82 by $1.92. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.55 billion. MercadoLibre had a return on equity of 48.46% and a net margin of 9.21%. The business's quarterly revenue was up 37.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.78 EPS. As a group, research analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen cut MercadoLibre from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. Benchmark cut MercadoLibre from a "buy" rating to a "cautious" rating in a report on Thursday, May 1st. UBS Group set a $3,000.00 target price on MercadoLibre in a report on Monday, June 2nd. JPMorgan Chase & Co. raised their target price on MercadoLibre from $2,250.00 to $2,600.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Finally, Citigroup restated a "buy" rating on shares of MercadoLibre in a report on Friday, June 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $2,707.50.

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.