Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in MercadoLibre, owning approximately 0.08% valued at $80.23 million after boosting its holdings by 12.2% in Q1.
• MercadoLibre saw its stock rated as a "Moderate Buy" by analysts, with an average target price of $2,795 and several analysts issuing buy and hold ratings.
• The company reported a 33.8% year-over-year revenue growth for the quarter, with earnings per share of $10.31, missing the consensus estimate of $12.01.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 12.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,125 shares of the company's stock after acquiring an additional 4,488 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of MercadoLibre worth $80,230,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank Pictet & Cie Europe AG bought a new position in MercadoLibre in the fourth quarter worth approximately $561,000. Cerity Partners LLC grew its holdings in MercadoLibre by 1.0% in the fourth quarter. Cerity Partners LLC now owns 4,926 shares of the company's stock worth $8,948,000 after purchasing an additional 51 shares during the last quarter. Bank of Montreal Can grew its holdings in MercadoLibre by 17.1% in the fourth quarter. Bank of Montreal Can now owns 18,809 shares of the company's stock worth $31,984,000 after purchasing an additional 2,750 shares during the last quarter. Scotia Capital Inc. grew its holdings in MercadoLibre by 124.6% in the fourth quarter. Scotia Capital Inc. now owns 584 shares of the company's stock worth $993,000 after purchasing an additional 324 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in MercadoLibre by 139.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 599 shares of the company's stock worth $1,019,000 after purchasing an additional 349 shares during the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on MELI. Wedbush cut their price target on shares of MercadoLibre from $2,800.00 to $2,700.00 and set an "outperform" rating on the stock in a report on Tuesday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of MercadoLibre from $2,600.00 to $2,700.00 and gave the stock a "neutral" rating in a report on Thursday. Wall Street Zen lowered shares of MercadoLibre from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. Cantor Fitzgerald reissued an "overweight" rating and set a $2,700.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $2,800.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $2,795.00.

MercadoLibre Trading Down 2.6%

Shares of MercadoLibre stock traded down $61.66 during trading hours on Monday, hitting $2,292.04. The company's stock had a trading volume of 351,316 shares, compared to its average volume of 395,784. MercadoLibre, Inc. has a 1-year low of $1,646.00 and a 1-year high of $2,645.22. The business has a fifty day moving average of $2,437.60 and a 200 day moving average of $2,247.76. The company has a market capitalization of $116.20 billion, a PE ratio of 56.61, a P/E/G ratio of 1.47 and a beta of 1.46. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its quarterly earnings data 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). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.57 billion. During the same period in the previous year, the company earned $10.48 EPS. MercadoLibre's revenue was up 33.8% on a year-over-year basis. As a group, equities analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current year.

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.