Vancity Investment Management Ltd Reduces Position in MercadoLibre, Inc. $MELI

Key Points

• Vancity Investment Management reduced its MercadoLibre stake by 6.5% in the second quarter, selling 584 shares and retaining 8,389 shares valued at approximately $14.2 million. Institutional investors collectively own 87.62% of MELI.
• MercadoLibre exceeded quarterly expectations, reporting $9.19 in earnings per share and $10.17 billion in revenue, with revenue rising 49.8% year over year.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $2,272, despite mixed target revisions from firms including Barclays and UBS.

Vancity Investment Management Ltd trimmed its stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 6.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,389 shares of the company's stock after selling 584 shares during the quarter. MercadoLibre makes up 2.1% of Vancity Investment Management Ltd's portfolio, making the stock its 16th biggest holding. Vancity Investment Management Ltd's holdings in MercadoLibre were worth $14,239,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in MELI. California State Teachers Retirement System lifted its holdings in MercadoLibre by 176,119.7% in the 2nd quarter. California State Teachers Retirement System now owns 119,862,892 shares of the company's stock valued at $203,454,074,000 after purchasing an additional 119,794,873 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of MercadoLibre during the second quarter worth about $2,246,015,000. Jupiter Topco LLC purchased a new stake in shares of MercadoLibre during the second quarter worth about $917,123,000. Linonia Partnership LP grew its holdings in shares of MercadoLibre by 325.1% during the second quarter. Linonia Partnership LP now owns 553,788 shares of the company's stock worth $939,994,000 after buying an additional 423,527 shares in the last quarter. Finally, Capital Research Global Investors raised its position in shares of MercadoLibre by 22.5% in the fourth quarter. Capital Research Global Investors now owns 2,225,031 shares of the company's stock valued at $4,481,812,000 after buying an additional 408,939 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Stock Performance

Shares of MELI stock opened at $1,978.36 on Monday. MercadoLibre, Inc. has a one year low of $1,495.00 and a one year high of $2,548.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.10 and a current ratio of 1.12. The company has a 50 day moving average price of $1,859.43 and a 200 day moving average price of $1,769.45. The firm has a market capitalization of $100.30 billion, a price-to-earnings ratio of 53.80, a price-to-earnings-growth ratio of 1.36 and a beta of 1.31.

MercadoLibre (NASDAQ:MELI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $9.19 earnings per share for the quarter, topping analysts' consensus estimates of $8.65 by $0.54. The company had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.79 billion. MercadoLibre had a net margin of 5.30% and a return on equity of 26.54%. MercadoLibre's revenue was up 49.8% on a year-over-year basis. During the same quarter last year, the firm posted $10.31 earnings per share. Sell-side analysts anticipate that MercadoLibre, Inc. will post 39.11 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MELI shares. Barclays reduced their price objective on shares of MercadoLibre from $2,500.00 to $2,300.00 and set an "overweight" rating on the stock in a research note on Monday, May 11th. Cantor Fitzgerald boosted their price target on MercadoLibre from $2,150.00 to $2,300.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of MercadoLibre in a report on Thursday, July 2nd. Zacks Research raised MercadoLibre from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Finally, UBS Group decreased their price objective on MercadoLibre from $2,050.00 to $1,750.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $2,272.00.

MercadoLibre Company Profile

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.

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