Sierra Summit Advisors LLC Sells 1,415 Shares of MercadoLibre, Inc. $MELI

Sierra Summit Advisors LLC reduced its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 25.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,167 shares of the company’s stock after selling 1,415 shares during the quarter. MercadoLibre comprises 1.9% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 20th largest position. Sierra Summit Advisors LLC’s holdings in MercadoLibre were worth $10,891,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MELI. Brooklyn Investment Group boosted its holdings in MercadoLibre by 650.0% in the first quarter. Brooklyn Investment Group now owns 15 shares of the company’s stock valued at $29,000 after acquiring an additional 13 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of MercadoLibre during the 1st quarter valued at about $29,000. Saudi Central Bank purchased a new position in shares of MercadoLibre during the first quarter valued at about $35,000. McIlrath & Eck LLC raised its stake in MercadoLibre by 375.0% in the first quarter. McIlrath & Eck LLC now owns 19 shares of the company’s stock worth $37,000 after buying an additional 15 shares in the last quarter. Finally, Highline Wealth Partners LLC lifted its holdings in MercadoLibre by 366.7% in the second quarter. Highline Wealth Partners LLC now owns 14 shares of the company’s stock worth $37,000 after buying an additional 11 shares during the period. Institutional investors own 87.62% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wedbush increased their target price on MercadoLibre from $2,700.00 to $2,800.00 and gave the stock an “outperform” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MercadoLibre in a research note on Friday, October 31st. BTIG Research reissued a “buy” rating and set a $2,750.00 price objective on shares of MercadoLibre in a research report on Friday, November 14th. 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 target price on the stock. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $2,800.00 price target on shares of MercadoLibre in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned 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 $2,854.71.

MercadoLibre Trading Up 2.7%

NASDAQ MELI opened at $1,951.78 on Friday. MercadoLibre, Inc. has a 12 month low of $1,646.00 and a 12 month high of $2,645.22. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. The stock’s fifty day moving average price is $2,222.62 and its 200-day moving average price is $2,363.37. The stock has a market cap of $98.95 billion, a P/E ratio of 47.63, a P/E/G ratio of 1.56 and a beta of 1.51.

MercadoLibre (NASDAQ:MELI) last announced its quarterly 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 firm had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.19 billion. MercadoLibre had a return on equity of 41.35% and a net margin of 7.93%.The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $7.83 EPS. As a group, equities analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

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.