Summit Financial LLC Boosts Stock Position in MercadoLibre, Inc. $MELI

Key Points

• Summit Financial LLC increased its stake in MercadoLibre, Inc. by 9.7% in Q1, owning 3,105 shares valued at approximately $6.06 million as per its latest SEC filing.
• MercadoLibre's recent quarterly earnings showed a net revenue of $6.79 billion, exceeding expectations despite a missed earnings per share target of $10.31.
• Analysts are optimistic about MercadoLibre, with most rating it as a Moderate Buy and an average price target of $2,817.22.

Summit Financial LLC grew its holdings in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,105 shares of the company's stock after acquiring an additional 274 shares during the quarter. Summit Financial LLC's holdings in MercadoLibre were worth $6,057,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MELI. Jennison Associates LLC raised its stake in shares of MercadoLibre by 1.6% during the first quarter. Jennison Associates LLC now owns 1,154,116 shares of the company's stock valued at $2,251,531,000 after acquiring an additional 18,731 shares during the last quarter. Invesco Ltd. boosted its stake in MercadoLibre by 22.4% in the first quarter. Invesco Ltd. now owns 570,967 shares of the company's stock valued at $1,113,881,000 after acquiring an additional 104,554 shares during the last quarter. GQG Partners LLC boosted its position in MercadoLibre by 23.5% during the first quarter. GQG Partners LLC now owns 461,875 shares of the company's stock worth $901,058,000 after purchasing an additional 87,912 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in MercadoLibre by 14.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 454,150 shares of the company's stock valued at $772,255,000 after buying an additional 57,806 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of MercadoLibre by 18.7% during the first quarter. Goldman Sachs Group Inc. now owns 450,444 shares of the company's stock worth $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.

MercadoLibre Stock Up 4.0%

Shares of MELI stock traded up $93.18 on Friday, hitting $2,430.62. The stock had a trading volume of 436,058 shares, compared to its average volume of 377,300. 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 cap of $123.23 billion, a PE ratio of 60.03, a P/E/G ratio of 1.58 and a beta of 1.46. MercadoLibre, Inc. has a one year low of $1,646.00 and a one year high of $2,645.22. The business has a 50 day moving average price of $2,411.33 and a 200 day moving average price of $2,277.73.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). The business 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 firm's revenue for the quarter was up 33.8% compared to the same quarter last year. During the same period in the previous year, the business earned $10.48 EPS. Research analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MELI shares. Wedbush set a $2,700.00 price target on MercadoLibre and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Wall Street Zen cut shares of MercadoLibre from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. The Goldman Sachs Group lifted their price target on shares of MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Barclays reduced their price target on MercadoLibre from $3,100.00 to $3,000.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 23rd. Finally, UBS Group set a $3,000.00 price target on MercadoLibre in a research note on Monday, June 2nd. One investment 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 stock. According to data from MarketBeat, MercadoLibre has an average rating of "Moderate Buy" and a consensus price target of $2,817.22.

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.