Park Avenue Securities LLC Increases Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Park Avenue Securities LLC grew its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,987 shares of the company's stock after acquiring an additional 213 shares during the quarter. Park Avenue Securities LLC's holdings in MercadoLibre were worth $3,876,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MELI. Yarbrough Capital LLC boosted its stake in MercadoLibre by 20.9% during the first quarter. Yarbrough Capital LLC now owns 3,132 shares of the company's stock worth $6,110,000 after buying an additional 542 shares during the last quarter. Miracle Mile Advisors LLC boosted its position in shares of MercadoLibre by 38.9% during the 1st quarter. Miracle Mile Advisors LLC now owns 218 shares of the company's stock valued at $425,000 after acquiring an additional 61 shares during the last quarter. UMB Bank n.a. grew its stake in shares of MercadoLibre by 16.6% in the 1st quarter. UMB Bank n.a. now owns 337 shares of the company's stock valued at $657,000 after buying an additional 48 shares during the period. Clean Yield Group purchased a new position in MercadoLibre in the first quarter worth approximately $118,000. Finally, Gateway Investment Advisers LLC increased its position in shares of MercadoLibre by 2.4% during the 1st quarter. Gateway Investment Advisers LLC now owns 2,892 shares of the company's stock worth $5,642,000 after purchasing an additional 67 shares during the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Stock Down 2.1%

MercadoLibre stock traded down $52.16 during midday trading on Tuesday, reaching $2,396.44. The company's stock had a trading volume of 501,341 shares, compared to its average volume of 383,200. The company has a market cap of $121.49 billion, a P/E ratio of 63.57, a P/E/G ratio of 1.12 and a beta of 1.51. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The business has a 50-day simple moving average of $2,298.62 and a 200-day simple moving average of $2,066.22. MercadoLibre, Inc. has a fifty-two week low of $1,550.00 and a fifty-two week high of $2,635.88.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $9.74 EPS for the quarter, beating the consensus estimate of $7.82 by $1.92. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.55 billion. During the same period in the prior year, the firm posted $6.78 earnings per share. The firm's revenue was up 37.0% on a year-over-year basis. On average, research analysts expect that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MELI has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price objective on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. raised their price objective on shares of MercadoLibre from $2,250.00 to $2,600.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald dropped their price objective on shares of MercadoLibre from $3,000.00 to $2,400.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Bank of America upped their target price on shares of MercadoLibre from $2,500.00 to $3,000.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $2,800.00 price target (up previously from $2,450.00) on shares of MercadoLibre in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $2,613.75.

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.