AMF Tjanstepension AB Reduces Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• AMF Tjanstepension AB reduced its holdings in MercadoLibre, Inc. by 13.9%, now owning approximately 79,722 shares of the company.
• Despite a quarterly earnings miss, MercadoLibre reported revenue of $6.79 billion, reflecting a 33.8% year-over-year growth.
• Brokerages maintain an overall positive outlook on MercadoLibre, with an average target price of $2,795.00 and a consensus rating of "Moderate Buy".

AMF Tjanstepension AB decreased its stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 13.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,722 shares of the company's stock after selling 12,858 shares during the period. MercadoLibre accounts for about 1.1% of AMF Tjanstepension AB's holdings, making the stock its 22nd biggest position. AMF Tjanstepension AB owned about 0.16% of MercadoLibre worth $155,527,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MELI. Key Financial Inc purchased a new position in MercadoLibre during the first quarter valued at approximately $25,000. GW&K Investment Management LLC purchased a new position in MercadoLibre in the 1st quarter worth approximately $25,000. Close Asset Management Ltd grew its stake in MercadoLibre by 366.7% in the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company's stock worth $27,000 after buying an additional 11 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of MercadoLibre in the 4th quarter valued at $26,000. Finally, Covestor Ltd purchased a new stake in shares of MercadoLibre in the 4th quarter valued at $27,000. Institutional investors own 87.62% of the company's stock.

Wall Street Analysts Forecast Growth

MELI has been the subject of a number of research reports. Wall Street Zen cut shares of MercadoLibre from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Susquehanna reaffirmed a "positive" rating and issued a $2,975.00 price objective (up previously from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. Scotiabank initiated coverage on shares of MercadoLibre in a research note on Monday, July 28th. They issued a "sector outperform" rating and a $3,500.00 price objective for the company. The Goldman Sachs Group upped their price target on shares of MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Wedbush lowered their price target on shares of MercadoLibre from $2,800.00 to $2,700.00 and set an "outperform" rating for the company in a report on Tuesday, August 5th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, MercadoLibre currently has an average rating of "Moderate Buy" and a consensus price target of $2,795.00.

MercadoLibre Stock Up 3.2%

Shares of MercadoLibre stock traded up $73.74 during trading on Tuesday, hitting $2,365.78. The company's stock had a trading volume of 227,610 shares, compared to its average volume of 394,626. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The company has a fifty day simple moving average of $2,431.57 and a two-hundred day simple moving average of $2,250.90. The company has a market capitalization of $119.94 billion, a PE ratio of 58.43, a P/E/G ratio of 1.47 and a beta of 1.46. MercadoLibre, Inc. has a 52 week low of $1,646.00 and a 52 week high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.01 by ($1.70). The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The firm's revenue was up 33.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.48 earnings per share. Equities research analysts predict that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

MercadoLibre Company 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.