TenCore Partners LP Cuts Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

TenCore Partners LP cut its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 5.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,788 shares of the company's stock after selling 224 shares during the period. MercadoLibre comprises about 3.2% of TenCore Partners LP's investment portfolio, making the stock its 9th largest position. TenCore Partners LP's holdings in MercadoLibre were worth $6,441,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of MELI. Hennion & Walsh Asset Management Inc. raised its holdings in shares of MercadoLibre by 9.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 609 shares of the company's stock valued at $1,036,000 after buying an additional 51 shares during the last quarter. Legacy Wealth Asset Management LLC raised its holdings in shares of MercadoLibre by 4.5% in the fourth quarter. Legacy Wealth Asset Management LLC now owns 416 shares of the company's stock valued at $707,000 after buying an additional 18 shares during the last quarter. Merit Financial Group LLC raised its holdings in shares of MercadoLibre by 24.6% in the fourth quarter. Merit Financial Group LLC now owns 703 shares of the company's stock valued at $1,195,000 after buying an additional 139 shares during the last quarter. Trivant Custom Portfolio Group LLC raised its holdings in shares of MercadoLibre by 776.0% in the fourth quarter. Trivant Custom Portfolio Group LLC now owns 438 shares of the company's stock valued at $745,000 after buying an additional 388 shares during the last quarter. Finally, Sanibel Captiva Trust Company Inc. raised its holdings in shares of MercadoLibre by 68.9% in the fourth quarter. Sanibel Captiva Trust Company Inc. now owns 770 shares of the company's stock valued at $1,309,000 after buying an additional 314 shares during the last quarter. 87.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MELI has been the topic of several recent research reports. New Street Research upgraded MercadoLibre from a "neutral" rating to a "buy" rating and raised their price target for the stock from $2,000.00 to $2,300.00 in a research report on Thursday, January 30th. Susquehanna lifted their target price on MercadoLibre from $2,350.00 to $2,760.00 and gave the stock a "positive" rating in a research note on Friday, February 21st. Barclays raised their price objective on MercadoLibre from $2,500.00 to $3,100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Raymond James upgraded MercadoLibre from an "outperform" rating to a "strong-buy" rating and set a $2,250.00 price target for the company in a research note on Tuesday, January 21st. Finally, The Goldman Sachs Group raised their price objective on MercadoLibre from $2,640.00 to $3,000.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, MercadoLibre has a consensus rating of "Moderate Buy" and an average price target of $2,551.43.

MercadoLibre Stock Up 0.9%

MELI stock traded up $22.76 during midday trading on Wednesday, hitting $2,601.97. The company's stock had a trading volume of 344,434 shares, compared to its average volume of 383,113. The firm has a 50-day simple moving average of $2,158.30 and a 200-day simple moving average of $2,007.13. MercadoLibre, Inc. has a 52-week low of $1,550.00 and a 52-week high of $2,623.52. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $131.91 billion, a P/E ratio of 69.02, a PEG ratio of 1.12 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $9.74 EPS for the quarter, topping the consensus estimate of $7.82 by $1.92. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. The company had revenue of $5.94 billion during the quarter, compared to analysts' expectations of $5.55 billion. During the same quarter last year, the business earned $6.78 EPS. The business's revenue was up 37.0% on a year-over-year basis. As a group, equities analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current 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.