MercadoLibre, Inc. (NASDAQ:MELI) Shares Acquired by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. lifted its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,900 shares of the company's stock after purchasing an additional 700 shares during the period. Sumitomo Life Insurance Co.'s holdings in MercadoLibre were worth $7,608,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Key Financial Inc purchased a new position in shares of MercadoLibre in the 1st quarter valued at about $25,000. Park Square Financial Group LLC purchased a new position in shares of MercadoLibre in the 4th quarter valued at about $26,000. Covestor Ltd purchased a new stake in MercadoLibre during the 4th quarter worth approximately $27,000. Heck Capital Advisors LLC acquired a new position in shares of MercadoLibre during the fourth quarter valued at approximately $32,000. Finally, VSM Wealth Advisory LLC acquired a new position in shares of MercadoLibre during the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 87.62% of the company's stock.

MercadoLibre Trading Up 0.4%

MercadoLibre stock traded up $9.75 during mid-day trading on Tuesday, hitting $2,390.00. The company's stock had a trading volume of 240,608 shares, compared to its average volume of 388,123. The firm has a market capitalization of $121.17 billion, a PE ratio of 58.78, a price-to-earnings-growth ratio of 1.41 and a beta of 1.49. MercadoLibre, Inc. has a 1 year low of $1,579.78 and a 1 year high of $2,645.22. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.57. The stock's fifty day moving average is $2,491.92 and its two-hundred day moving average is $2,170.28.

MercadoLibre (NASDAQ:MELI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $9.74 earnings per share for the quarter, topping the consensus estimate of $7.82 by $1.92. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.55 billion. MercadoLibre had a return on equity of 48.46% and a net margin of 9.21%. The firm's revenue for the quarter was up 37.0% compared to the same quarter last year. During the same period in the prior year, the business posted $6.78 earnings per share. On average, analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Wall Street Analysts Forecast Growth

MELI has been the subject of a number of research analyst reports. Cantor Fitzgerald reduced their target price on MercadoLibre from $2,900.00 to $2,700.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Benchmark cut MercadoLibre from a "buy" rating to a "cautious" rating in a report on Thursday, May 1st. Jefferies Financial Group reissued a "hold" rating and set a $2,800.00 target price (up previously from $2,450.00) on shares of MercadoLibre in a report on Thursday, June 5th. Citigroup reissued a "buy" rating on shares of MercadoLibre in a report on Friday, June 6th. Finally, The Goldman Sachs Group upped their price target on MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $2,645.94.

MercadoLibre Company 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.