Lord Abbett & CO. LLC Trims Position in MercadoLibre, Inc. (NASDAQ:MELI)

Lord Abbett & CO. LLC lessened its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 19.1% during the 1st quarter, Holdings Channel reports. The fund owned 78,680 shares of the company’s stock after selling 18,517 shares during the quarter. Lord Abbett & CO. LLC’s holdings in MercadoLibre were worth $153,494,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MELI. Key Financial Inc purchased a new position in shares of MercadoLibre during the 1st quarter worth $25,000. GW&K Investment Management LLC purchased a new position in shares of MercadoLibre during the 1st quarter worth $25,000. Park Square Financial Group LLC purchased a new position in shares of MercadoLibre during the 4th quarter worth $26,000. Covestor Ltd purchased a new position in shares of MercadoLibre during the 4th quarter worth $27,000. Finally, Close Asset Management Ltd raised its holdings in MercadoLibre by 366.7% in the 1st quarter. Close Asset Management Ltd now owns 14 shares of the company’s stock valued at $27,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Analyst Ratings Changes

MELI has been the topic of several research analyst reports. Wedbush set a $2,700.00 price objective on shares of MercadoLibre and gave the company an “outperform” rating in a report on Tuesday, August 5th. UBS Group set a $3,000.00 price objective on shares of MercadoLibre in a report on Monday, June 2nd. Benchmark restated a “buy” rating and issued a $2,875.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Daiwa Capital Markets initiated coverage on shares of MercadoLibre in a report on Friday, August 1st. They issued a “buy” rating and a $3,000.00 price objective on the stock. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $2,750.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MercadoLibre has an average rating of “Moderate Buy” and an average price target of $2,795.00.

MercadoLibre Price Performance

MELI stock opened at $2,327.30 on Thursday. The company has a market capitalization of $117.99 billion, a P/E ratio of 57.48, a PEG ratio of 1.49 and a beta of 1.46. MercadoLibre, Inc. has a twelve month low of $1,646.00 and a twelve month high of $2,645.22. The business has a 50 day simple moving average of $2,421.61 and a 200-day simple moving average of $2,252.11. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings data on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.01 by ($1.70). The business 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%. The company’s revenue was up 33.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.48 EPS. As a group, equities analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

MercadoLibre 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.