Oppenheimer Asset Management Inc. Acquires Shares of 7,299 MercadoLibre, Inc. $MELI

Key Points

• Oppenheimer Asset Management initiated a MercadoLibre position by purchasing 7,299 shares worth approximately $12.4 million during the second quarter. Institutional investors collectively own 87.62% of the company.
• MercadoLibre reported quarterly earnings of $9.19 per share, exceeding estimates of $8.65, while revenue rose 49.8% year over year to $10.17 billion.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $2,272; the stock recently traded at $1,844.58.

Oppenheimer Asset Management Inc. bought a new stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,299 shares of the company's stock, valued at approximately $12,389,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Bison Wealth LLC acquired a new stake in MercadoLibre in the 4th quarter worth about $206,000. Empowered Funds LLC raised its holdings in shares of MercadoLibre by 6.9% during the first quarter. Empowered Funds LLC now owns 760 shares of the company's stock valued at $1,483,000 after acquiring an additional 49 shares during the last quarter. Focus Partners Wealth lifted its position in shares of MercadoLibre by 42.0% in the first quarter. Focus Partners Wealth now owns 602 shares of the company's stock valued at $1,176,000 after acquiring an additional 178 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of MercadoLibre in the second quarter valued at approximately $261,000. Finally, Gamco Investors INC. ET AL lifted its position in shares of MercadoLibre by 21.4% in the second quarter. Gamco Investors INC. ET AL now owns 170 shares of the company's stock valued at $444,000 after acquiring an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 87.62% of the company's stock.

Insiders Place Their Bets

In related news, Director Alejandro Nicolas Aguzin bought 600 shares of the company's stock in a transaction on Friday, May 22nd. The stock was bought at an average cost of $1,655.93 per share, for a total transaction of $993,558.00. Following the acquisition, the director directly owned 5,355 shares in the company, valued at $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.26% of the company's stock.

MercadoLibre Trading Up 0.9%

Shares of MercadoLibre stock opened at $1,844.58 on Friday. The stock has a market cap of $93.52 billion, a P/E ratio of 50.17, a P/E/G ratio of 1.25 and a beta of 1.34. The stock's 50 day simple moving average is $1,767.47 and its 200-day simple moving average is $1,788.68. MercadoLibre, Inc. has a 1-year low of $1,495.00 and a 1-year high of $2,548.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.12 and a quick ratio of 1.10.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $9.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.65 by $0.54. MercadoLibre had a return on equity of 26.54% and a net margin of 5.30%.The business had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.79 billion. During the same period in the prior year, the business earned $10.31 earnings per share. The business's revenue was up 49.8% compared to the same quarter last year. Analysts predict that MercadoLibre, Inc. will post 39.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MELI. The Goldman Sachs Group set a $2,100.00 price target on MercadoLibre in a research report on Wednesday, May 13th. Barclays decreased their price objective on MercadoLibre from $2,500.00 to $2,300.00 and set an "overweight" rating on the stock in a report on Monday, May 11th. Citigroup lifted their target price on shares of MercadoLibre from $1,950.00 to $2,000.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Cantor Fitzgerald lifted their target price on shares of MercadoLibre from $2,150.00 to $2,300.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of MercadoLibre from $1,900.00 to $2,150.00 and gave the stock a "neutral" rating in a report on Tuesday. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, MercadoLibre currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,272.00.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.

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