State of New Jersey Common Pension Fund D Decreases Stock Position in MercadoLibre, Inc. $MELI

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in MercadoLibre, Inc. by 4.5% during the first quarter, now holding approximately 30,403 shares valued at $59.31 million.
• MercadoLibre reported $10.31 earnings per share for the last quarter, missing expectations of $12.01, despite revenue growing 33.8% year-over-year to $6.79 billion.
• Analysts rate MercadoLibre with a consensus of "Moderate Buy" and an average target price of $2,795.00, with fourteen firms issuing a buy rating.

State of New Jersey Common Pension Fund D lessened its stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,403 shares of the company's stock after selling 1,441 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of MercadoLibre worth $59,312,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Key Financial Inc bought a new position in MercadoLibre in the 1st quarter worth $25,000. GW&K Investment Management LLC bought a new position in MercadoLibre in the 1st quarter worth $25,000. Close Asset Management Ltd raised its holdings in MercadoLibre by 366.7% in the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company's stock worth $27,000 after purchasing an additional 11 shares in the last quarter. Park Square Financial Group LLC bought a new position in shares of MercadoLibre in the 4th quarter worth about $26,000. Finally, Heck Capital Advisors LLC bought a new position in shares of MercadoLibre in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 87.62% of the company's stock.

MercadoLibre Stock Up 3.1%

MELI traded up $72.50 on Friday, reaching $2,392.30. The company's stock had a trading volume of 411,196 shares, compared to its average volume of 363,335. The stock has a 50 day moving average of $2,414.57 and a two-hundred day moving average of $2,263.57. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $121.29 billion, a price-to-earnings ratio of 59.08, a P/E/G ratio of 1.52 and a beta of 1.46. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week 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). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. The company had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.57 billion. During the same quarter last year, the company earned $10.48 EPS. MercadoLibre's revenue for the quarter was up 33.8% compared to the same quarter last year. As a group, analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Susquehanna reissued a "positive" rating and set a $2,975.00 price objective (up from $2,840.00) on shares of MercadoLibre in a research report on Thursday, June 26th. Wall Street Zen cut shares of MercadoLibre from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Wedbush set a $2,700.00 target price on shares of MercadoLibre and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Morgan Stanley reiterated an "overweight" rating on shares of MercadoLibre in a research report on Thursday, May 1st. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $2,800.00 target price on shares of MercadoLibre in a report on Tuesday, August 5th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, MercadoLibre has an average rating of "Moderate Buy" and an average price target of $2,795.00.

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.