MercadoLibre, Inc. $MELI Stake Lifted by Sara Bay Financial

Sara Bay Financial raised its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 3,493.3% during the first quarter, HoldingsChannel reports. The firm owned 6,468 shares of the company’s stock after buying an additional 6,288 shares during the period. MercadoLibre comprises about 3.4% of Sara Bay Financial’s investment portfolio, making the stock its 9th biggest holding. Sara Bay Financial’s holdings in MercadoLibre were worth $11,183,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Darwin Wealth Management LLC purchased a new position in shares of MercadoLibre during the second quarter worth about $29,000. Laurel Wealth Advisors LLC acquired a new position in MercadoLibre in the 4th quarter valued at about $26,000. Transamerica Financial Advisors LLC purchased a new stake in MercadoLibre during the 4th quarter valued at approximately $26,000. Purpose Unlimited Inc. purchased a new stake in MercadoLibre during the 4th quarter valued at approximately $28,000. Finally, Curio Wealth LLC purchased a new stake in MercadoLibre during the 4th quarter valued at approximately $30,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MELI. Zacks Research downgraded MercadoLibre from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 22nd. Itau BBA Securities restated an “outperform” rating on shares of MercadoLibre in a research note on Wednesday, February 25th. BTIG Research reaffirmed a “buy” rating and set a $2,150.00 price target on shares of MercadoLibre in a report on Tuesday, June 2nd. Wedbush lowered their price objective on shares of MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Finally, Jefferies Financial Group upgraded shares of MercadoLibre from a “hold” rating to a “buy” rating and lowered their price objective for the company from $2,800.00 to $2,600.00 in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,255.33.

Insider Buying and Selling at MercadoLibre

In other MercadoLibre news, Director Alejandro Nicolas Aguzin purchased 600 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were purchased at an average cost of $1,655.93 per share, for a total transaction of $993,558.00. Following the completion of the purchase, the director directly owned 5,355 shares in the company, valued at $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.26% of the stock is currently owned by company insiders.

MercadoLibre Price Performance

Shares of NASDAQ:MELI opened at $1,583.66 on Wednesday. MercadoLibre, Inc. has a 52 week low of $1,495.00 and a 52 week high of $2,645.22. The company has a 50-day moving average price of $1,699.06 and a 200 day moving average price of $1,850.99. The company has a market cap of $80.29 billion, a P/E ratio of 41.80, a PEG ratio of 0.98 and a beta of 1.36. The company has a quick ratio of 1.14, a current ratio of 1.16 and a debt-to-equity ratio of 0.63.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.75 by ($0.52). The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.29 billion. MercadoLibre had a return on equity of 29.58% and a net margin of 6.04%.The business’s revenue for the quarter was up 49.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.74 EPS. Research analysts predict that MercadoLibre, Inc. will post 40.97 earnings per share for the current year.

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.