Parnassus Investments LLC Sells 4,118 Shares of MercadoLibre, Inc. $MELI

Key Points

• Parnassus Investments LLC sold 4,118 shares of MercadoLibre, Inc., reducing its stake by 23.8% to a total of 13,186 shares valued at approximately $25.7 million.
• MercadoLibre reported $10.31 earnings per share (EPS) for the latest quarter, missing estimates by $1.70, while its revenue of $6.79 billion exceeded expectations.
• Analysts have set new price targets for MercadoLibre, with a range from $2,700 to $3,500, reflecting a generally positive outlook on the stock.

Parnassus Investments LLC trimmed its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 23.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,186 shares of the company's stock after selling 4,118 shares during the period. Parnassus Investments LLC's holdings in MercadoLibre were worth $25,724,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MELI. Assenagon Asset Management S.A. increased its holdings in MercadoLibre by 170.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 274,960 shares of the company's stock valued at $536,411,000 after purchasing an additional 173,449 shares in the last quarter. Invesco Ltd. increased its holdings in MercadoLibre by 22.4% during the 1st quarter. Invesco Ltd. now owns 570,967 shares of the company's stock valued at $1,113,881,000 after purchasing an additional 104,554 shares in the last quarter. GQG Partners LLC increased its holdings in MercadoLibre by 23.5% during the 1st quarter. GQG Partners LLC now owns 461,875 shares of the company's stock valued at $901,058,000 after purchasing an additional 87,912 shares in the last quarter. Nuveen LLC acquired a new stake in MercadoLibre during the 1st quarter valued at $143,367,000. Finally, Goldman Sachs Group Inc. increased its holdings in MercadoLibre by 18.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 450,444 shares of the company's stock valued at $878,757,000 after purchasing an additional 70,834 shares in the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on MELI. Susquehanna reissued a "positive" rating and issued a $2,975.00 target price (up from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. JPMorgan Chase & Co. lifted their target price on MercadoLibre from $2,600.00 to $2,700.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. The Goldman Sachs Group lifted their target price on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. Raymond James Financial reissued a "strong-buy" rating and issued a $2,750.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. Finally, UBS Group set a $3,000.00 target price on MercadoLibre in a research note on Monday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $2,817.22.

MercadoLibre Trading Up 0.0%

Shares of NASDAQ:MELI traded up $0.62 during mid-day trading on Monday, reaching $2,472.91. The stock had a trading volume of 292,481 shares, compared to its average volume of 386,617. The firm has a 50 day simple moving average of $2,413.70 and a two-hundred day simple moving average of $2,291.82. MercadoLibre, Inc. has a twelve month low of $1,646.00 and a twelve month high of $2,645.22. The firm has a market cap of $125.38 billion, a PE ratio of 61.07, a price-to-earnings-growth ratio of 1.61 and a beta of 1.49. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61.

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