Spire Wealth Management Sells 562 Shares of MercadoLibre, Inc. $MELI

Spire Wealth Management cut its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 18.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,445 shares of the company’s stock after selling 562 shares during the period. Spire Wealth Management’s holdings in MercadoLibre were worth $6,200,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Jennison Associates LLC raised its position in shares of MercadoLibre by 7.0% in the 2nd quarter. Jennison Associates LLC now owns 1,235,240 shares of the company’s stock worth $3,228,460,000 after acquiring an additional 81,124 shares in the last quarter. Invesco Ltd. increased its position in MercadoLibre by 22.4% in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 valued at $1,073,823,000 after buying an additional 96,283 shares in the last quarter. Generation Investment Management LLP increased its position in MercadoLibre by 3.3% in the 1st quarter. Generation Investment Management LLP now owns 530,564 shares of the company’s stock valued at $1,035,061,000 after buying an additional 16,878 shares in the last quarter. Finally, GQG Partners LLC increased its position in MercadoLibre by 23.5% in the 1st quarter. GQG Partners LLC now owns 461,875 shares of the company’s stock valued at $901,058,000 after buying an additional 87,912 shares in the last quarter. 87.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on MELI. Wedbush set a $2,700.00 target price on MercadoLibre and gave the company an “outperform” rating in a research report on Tuesday, August 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MercadoLibre in a research report on Wednesday, October 8th. Daiwa Capital Markets began coverage on MercadoLibre in a research report on Friday, August 1st. They issued a “buy” rating and a $3,000.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $2,875.00 target price on shares of MercadoLibre in a research report on Tuesday, October 21st. Finally, Cantor Fitzgerald boosted their target price on MercadoLibre from $2,700.00 to $2,900.00 and gave the company an “overweight” rating in a research report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,799.12.

MercadoLibre Price Performance

MELI stock opened at $2,295.92 on Thursday. The company has a market capitalization of $116.40 billion, a P/E ratio of 56.70, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.18 and a current ratio of 1.20. MercadoLibre, Inc. has a 52-week low of $1,646.00 and a 52-week high of $2,645.22. The business has a 50-day simple moving average of $2,312.15 and a two-hundred day simple moving average of $2,368.78.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Wednesday, October 29th. The company reported $8.32 earnings per share for the quarter, missing analysts’ consensus estimates of $9.88 by ($1.56). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.During the same period in the previous year, the company posted $7.83 earnings per share. The business’s revenue was up 39.5% compared to the same quarter last year. Research analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

About MercadoLibre

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.