Prudential PLC Raises Position in MercadoLibre, Inc. $MELI

Prudential PLC boosted its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 9.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,856 shares of the company’s stock after buying an additional 577 shares during the period. Prudential PLC’s holdings in MercadoLibre were worth $17,919,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MELI. Invesco Ltd. grew its stake in shares of MercadoLibre by 22.4% during the 1st quarter. Invesco Ltd. now owns 570,967 shares of the company’s stock valued at $1,113,881,000 after buying an additional 104,554 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of MercadoLibre by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 550,433 shares of the company’s stock worth $1,073,823,000 after buying an additional 96,283 shares during the period. GQG Partners LLC boosted its holdings in MercadoLibre by 23.5% in the first quarter. GQG Partners LLC now owns 461,875 shares of the company’s stock valued at $901,058,000 after acquiring an additional 87,912 shares during the last quarter. Jennison Associates LLC grew its position in MercadoLibre by 7.0% during the second quarter. Jennison Associates LLC now owns 1,235,240 shares of the company’s stock valued at $3,228,460,000 after acquiring an additional 81,124 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new stake in MercadoLibre during the second quarter worth about $198,244,000. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Price Performance

Shares of MELI stock opened at $2,077.18 on Thursday. The firm has a fifty day moving average of $2,239.14 and a two-hundred day moving average of $2,367.73. The firm has a market cap of $105.31 billion, a P/E ratio of 50.69, a P/E/G ratio of 1.56 and a beta of 1.51. MercadoLibre, Inc. has a 1-year low of $1,646.00 and a 1-year high of $2,645.22. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Wednesday, October 29th. The company reported $8.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.88 by ($1.56). The company had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.19 billion. MercadoLibre had a net margin of 7.93% and a return on equity of 41.35%. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. During the same quarter last year, the company posted $7.83 EPS. As a group, research analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MELI has been the topic of a number of recent research reports. Cantor Fitzgerald reduced their price objective on MercadoLibre from $2,900.00 to $2,750.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Morgan Stanley upped their target price on shares of MercadoLibre from $2,850.00 to $2,950.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MercadoLibre in a report on Friday, October 31st. Susquehanna cut their price objective on shares of MercadoLibre from $2,975.00 to $2,900.00 and set a “positive” rating on the stock in a report on Monday, October 13th. Finally, Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research report on Friday, August 1st. They issued a “buy” rating and a $3,000.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $2,854.71.

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.