Harvest Fund Management Co. Ltd Boosts Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Harvest Fund Management Co. Ltd increased its stake in MercadoLibre by 7.6%, now holding 3,210 shares worth approximately $6.26 million as of the latest filing.
• MercadoLibre has been rated with a consensus of "Moderate Buy" and a price target of $2,690.29, with various analysts adjusting their ratings and targets recently.
• The company reported a strong quarterly performance with earnings per share of $9.74, exceeding expectations, and a revenue of $5.94 billion, marking a 37.0% increase compared to the previous year.

Harvest Fund Management Co. Ltd grew its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,210 shares of the company's stock after acquiring an additional 226 shares during the period. Harvest Fund Management Co. Ltd's holdings in MercadoLibre were worth $6,261,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Key Financial Inc bought a new position in shares of MercadoLibre in the first quarter worth $25,000. GW&K Investment Management LLC bought a new position in MercadoLibre in the first quarter valued at $25,000. Close Asset Management Ltd increased its stake in MercadoLibre by 366.7% in the first quarter. Close Asset Management Ltd now owns 14 shares of the company's stock valued at $27,000 after acquiring an additional 11 shares during the last quarter. Park Square Financial Group LLC bought a new position in MercadoLibre in the fourth quarter valued at $26,000. Finally, Covestor Ltd bought a new position in MercadoLibre in the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 87.62% of the company's stock.

MercadoLibre Stock Down 0.1%

MercadoLibre stock traded down $3.51 during trading hours on Wednesday, hitting $2,381.39. 227,118 shares of the stock traded hands, compared to its average volume of 262,819. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average price is $2,463.12 and its two-hundred day moving average price is $2,215.13. MercadoLibre, Inc. has a one year low of $1,579.78 and a one year high of $2,645.22. The company has a market cap of $120.74 billion, a PE ratio of 58.57, a PEG ratio of 1.42 and a beta of 1.49.

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

Analyst Ratings Changes

A number of research firms recently commented on MELI. Benchmark cut MercadoLibre from a "buy" rating to a "cautious" rating in a research note on Thursday, May 1st. Morgan Stanley reaffirmed an "overweight" rating on shares of MercadoLibre in a research note on Thursday, May 1st. JPMorgan Chase & Co. raised their price objective on MercadoLibre from $2,250.00 to $2,600.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Citigroup reaffirmed a "buy" rating on shares of MercadoLibre in a research note on Friday, June 6th. Finally, The Goldman Sachs Group raised their price objective on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $2,690.29.

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.