Sierra Summit Advisors LLC Purchases 419 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Sierra Summit Advisors LLC increased its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 8.1% in the first quarter, owning a total of 5,582 shares worth approximately $10.89 million.
• MercadoLibre's quarterly earnings report revealed an EPS of $10.31, falling short of the consensus estimate, while revenue increased 33.8% year-over-year to $6.79 billion.
• Analysts have mixed ratings for MELI, with a consensus rating of "Moderate Buy" and a target price averaging $2,795.00, with recent target revisions by various firms.

Sierra Summit Advisors LLC raised its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 8.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,582 shares of the company's stock after buying an additional 419 shares during the quarter. MercadoLibre accounts for about 2.4% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 11th largest position. Sierra Summit Advisors LLC's holdings in MercadoLibre were worth $10,890,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Key Financial Inc acquired a new position in MercadoLibre in the first quarter worth $25,000. GW&K Investment Management LLC bought a new stake in shares of MercadoLibre during the first quarter worth $25,000. Park Square Financial Group LLC bought a new stake in shares of MercadoLibre during the fourth quarter worth $26,000. Covestor Ltd bought a new stake in shares of MercadoLibre during the fourth quarter worth $27,000. Finally, Close Asset Management Ltd raised its position in shares of MercadoLibre by 366.7% during the first quarter. Close Asset Management Ltd now owns 14 shares of the company's stock worth $27,000 after acquiring an additional 11 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company's stock.

MercadoLibre Stock Down 2.6%

Shares of MELI traded down $61.66 on Monday, hitting $2,292.04. 351,316 shares of the stock traded hands, compared to its average volume of 343,773. The company has a market capitalization of $116.21 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 debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. The business has a 50 day simple moving average of $2,431.57 and a 200 day simple moving average of $2,250.90. 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 posted its earnings results on Monday, August 4th. The company reported $10.31 EPS for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.57 billion. During the same period last year, the firm posted $10.48 EPS. The company's revenue for the quarter was up 33.8% on a year-over-year basis. As a group, equities analysts forecast that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on MELI. JPMorgan Chase & Co. upped their price objective on MercadoLibre from $2,600.00 to $2,700.00 and gave the company a "neutral" rating in a report on Thursday. UBS Group set a $3,000.00 price objective on MercadoLibre in a report on Monday, June 2nd. The Goldman Sachs Group increased their price target on MercadoLibre from $2,640.00 to $3,000.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Cantor Fitzgerald restated an "overweight" rating and issued a $2,700.00 price target on shares of MercadoLibre in a report on Tuesday, August 5th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $2,800.00 price target on shares of MercadoLibre in a report on Tuesday, August 5th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $2,795.00.

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.