Truist Financial Corp Sells 1,392 Shares of MercadoLibre, Inc. $MELI

Key Points

• Truist Financial Corp reduced its stake in MercadoLibre, Inc. by 23.7% in Q2, now holding 4,472 shares valued at approximately $11.68 million after selling 1,392 shares.
• MercadoLibre recently reported earnings of $10.31 per share, missing analysts' estimates of $12.01, despite its revenue increasing by 33.8% year-over-year.
• Institutional investors collectively own 87.62% of MercadoLibre's stock, indicating strong interest and potential confidence in the company.

Truist Financial Corp decreased its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 23.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,472 shares of the company's stock after selling 1,392 shares during the quarter. Truist Financial Corp's holdings in MercadoLibre were worth $11,688,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MELI. Bison Wealth LLC bought a new position in shares of MercadoLibre during the 4th quarter worth $206,000. Rhumbline Advisers boosted its stake in MercadoLibre by 4.4% in the 1st quarter. Rhumbline Advisers now owns 10,365 shares of the company's stock worth $20,221,000 after purchasing an additional 437 shares during the period. NBC Securities Inc. bought a new position in MercadoLibre in the 1st quarter worth about $72,000. Merit Financial Group LLC boosted its stake in MercadoLibre by 7.7% in the 1st quarter. Merit Financial Group LLC now owns 757 shares of the company's stock worth $1,477,000 after purchasing an additional 54 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in MercadoLibre by 125.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 79 shares of the company's stock worth $154,000 after purchasing an additional 44 shares during the period. Institutional investors own 87.62% of the company's stock.

MercadoLibre Price Performance

Shares of MercadoLibre stock opened at $2,172.75 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18. The business's 50 day simple moving average is $2,382.29 and its two-hundred day simple moving average is $2,343.55. The stock has a market capitalization of $110.16 billion, a P/E ratio of 53.66, a price-to-earnings-growth ratio of 1.44 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.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly 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). The company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.MercadoLibre's revenue for the quarter was up 33.8% on a year-over-year basis. During the same period last year, the firm earned $10.48 earnings per share. Analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. cut their target price on MercadoLibre from $2,700.00 to $2,600.00 and set a "neutral" rating for the company in a research note on Friday. Cantor Fitzgerald raised their target price on MercadoLibre from $2,700.00 to $2,900.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 24th. Citigroup cut their target price on MercadoLibre from $2,900.00 to $2,850.00 and set a "buy" rating for the company in a research note on Monday, August 18th. Wedbush set a $2,700.00 target price on MercadoLibre and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Finally, Benchmark restated a "buy" rating and issued a $2,875.00 target price on shares of MercadoLibre in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,822.78.

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.

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