Pittenger & Anderson Inc. Lowers Holdings in MercadoLibre, Inc. $MELI

Key Points

• Pittenger & Anderson Inc. reduced its holdings in MercadoLibre, Inc. by 9.6% in the second quarter, now owning 2,665 shares valued at approximately $6.97 million.
• Wall Street analysts have given MercadoLibre an average rating of "Moderate Buy" with a target price of $2,810.88, although estimates for individual target prices vary.
• In its latest quarterly earnings report, MercadoLibre missed estimates with an EPS of $10.31 while reporting revenue of $6.79 billion, exceeding analyst expectations.

Pittenger & Anderson Inc. decreased its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 9.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,665 shares of the company's stock after selling 282 shares during the quarter. Pittenger & Anderson Inc.'s holdings in MercadoLibre were worth $6,965,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MELI. Key Financial Inc purchased a new stake in MercadoLibre in the 1st quarter valued at about $25,000. GW&K Investment Management LLC purchased a new stake in MercadoLibre in the 1st quarter valued at about $25,000. Close Asset Management Ltd grew its holdings in MercadoLibre by 366.7% in the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company's stock valued at $27,000 after buying an additional 11 shares during the period. Brooklyn Investment Group grew its holdings in MercadoLibre by 650.0% in the 1st quarter. Brooklyn Investment Group now owns 15 shares of the company's stock valued at $29,000 after buying an additional 13 shares during the period. Finally, Twin Tree Management LP purchased a new stake in MercadoLibre in the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 87.62% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MELI shares. Benchmark reiterated a "buy" rating and set a $2,875.00 target price on shares of MercadoLibre in a report on Tuesday, August 5th. Citigroup decreased their target price on MercadoLibre from $2,850.00 to $2,700.00 and set a "buy" rating for the company in a report on Thursday, October 9th. Barclays decreased their target price on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Daiwa Capital Markets started coverage on MercadoLibre in a report on Friday, August 1st. They set a "buy" rating and a $3,000.00 target price for the company. Finally, Scotiabank started coverage on MercadoLibre in a report on Monday, July 28th. They set a "sector outperform" rating and a $3,500.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $2,810.88.

MercadoLibre Stock Performance

MercadoLibre stock opened at $2,102.11 on Tuesday. The stock's 50 day moving average price is $2,332.51 and its 200 day moving average price is $2,354.26. The firm has a market capitalization of $106.57 billion, a PE ratio of 51.92, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. MercadoLibre, Inc. has a one year low of $1,646.00 and a one year high of $2,645.22.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $10.31 EPS for the quarter, missing the consensus estimate of $12.01 by ($1.70). The company had revenue of $6.79 billion for 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 business's revenue was up 33.8% on a year-over-year basis. During the same period last year, the firm posted $10.48 earnings per share. As a group, sell-side analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding MELI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MercadoLibre, Inc. (NASDAQ:MELI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.