MercadoLibre, Inc. (NASDAQ:MELI) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in MercadoLibre, Inc. by 5.7%, now holding approximately $218 million in shares after selling 6,786 during the first quarter.
• MercadoLibre's latest earnings report showed a 37% increase in quarterly revenue year over year, with an EPS of $9.74, exceeding the expected $7.82.
• Equities research analysts maintain an average rating of "Moderate Buy" for MercadoLibre, with price targets ranging from $2,800 to $3,000 among various firms.

Nikko Asset Management Americas Inc. reduced its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 5.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 111,903 shares of the company's stock after selling 6,786 shares during the period. MercadoLibre makes up 2.8% of Nikko Asset Management Americas Inc.'s investment portfolio, making the stock its 10th largest holding. Nikko Asset Management Americas Inc. owned about 0.22% of MercadoLibre worth $218,280,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MELI. Mediolanum International Funds Ltd boosted its holdings in shares of MercadoLibre by 34.1% in the first quarter. Mediolanum International Funds Ltd now owns 12,454 shares of the company's stock valued at $25,507,000 after acquiring an additional 3,170 shares in the last quarter. Zweig DiMenna Associates LLC purchased a new stake in shares of MercadoLibre in the first quarter valued at about $9,247,000. Stevens Capital Management LP purchased a new stake in shares of MercadoLibre in the first quarter valued at about $347,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of MercadoLibre in the first quarter valued at about $269,000. Finally, Equitable Trust Co. boosted its holdings in shares of MercadoLibre by 3.2% in the first quarter. Equitable Trust Co. now owns 1,406 shares of the company's stock valued at $2,743,000 after acquiring an additional 44 shares in the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Price Performance

MELI traded up $3.74 during midday trading on Wednesday, reaching $2,388.64. 78,993 shares of the company's stock were exchanged, compared to its average volume of 389,287. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.20 and a quick ratio of 1.18. The stock has a market capitalization of $121.10 billion, a PE ratio of 58.78, a P/E/G ratio of 1.40 and a beta of 1.49. The business's 50-day moving average price is $2,467.53 and its 200 day moving average price is $2,213.97. MercadoLibre, Inc. has a 1-year low of $1,579.78 and a 1-year high of $2,645.22.

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

Analyst Ratings Changes

Several brokerages have recently weighed in on MELI. Benchmark downgraded shares of MercadoLibre from a "buy" rating to a "cautious" rating in a report on Thursday, May 1st. Scotiabank initiated coverage on shares of MercadoLibre in a research note on Monday. They issued a "sector outperform" rating and a $3,500.00 price objective for the company. Cantor Fitzgerald reduced their price objective on shares of MercadoLibre from $2,900.00 to $2,700.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Citigroup reiterated a "buy" rating on shares of MercadoLibre in a research note on Friday, June 6th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $2,800.00 price objective (up previously from $2,450.00) on shares of MercadoLibre in a research note on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $2,690.29.

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.