Freedom Investment Management Inc. Reduces Holdings in MercadoLibre, Inc. $MELI

Freedom Investment Management Inc. decreased its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 11.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 519 shares of the company’s stock after selling 66 shares during the period. Freedom Investment Management Inc.’s holdings in MercadoLibre were worth $1,356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Forum Financial Management LP raised its position in shares of MercadoLibre by 20.1% during the second quarter. Forum Financial Management LP now owns 239 shares of the company’s stock valued at $625,000 after buying an additional 40 shares during the last quarter. Meadow Creek Wealth Advisors LLC bought a new stake in MercadoLibre in the second quarter worth $230,000. Brookstone Capital Management bought a new stake in MercadoLibre in the second quarter worth $227,000. Chokshi & Queen Wealth Advisors Inc increased its position in MercadoLibre by 14.8% in the second quarter. Chokshi & Queen Wealth Advisors Inc now owns 279 shares of the company’s stock worth $729,000 after purchasing an additional 36 shares during the last quarter. Finally, Wallace Advisory Group LLC increased its position in MercadoLibre by 17.7% in the second quarter. Wallace Advisory Group LLC now owns 233 shares of the company’s stock worth $609,000 after purchasing an additional 35 shares during the last quarter. Institutional investors own 87.62% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MELI. Barclays reduced their price target on shares of MercadoLibre from $3,000.00 to $2,800.00 and set an “overweight” rating on the stock in a research report on Tuesday. Cantor Fitzgerald boosted their price target on shares of MercadoLibre from $2,700.00 to $2,900.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 24th. JPMorgan Chase & Co. reduced their price target on shares of MercadoLibre from $2,700.00 to $2,600.00 and set a “neutral” rating on the stock in a research report on Friday, October 3rd. Daiwa Capital Markets began coverage on shares of MercadoLibre in a research report on Friday, August 1st. They issued a “buy” rating and a $3,000.00 price target on the stock. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $2,800.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,799.12.

MercadoLibre Stock Up 2.5%

NASDAQ MELI opened at $2,148.32 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61. The company has a fifty day moving average of $2,320.26 and a two-hundred day moving average of $2,353.45. The firm has a market capitalization of $108.91 billion, a price-to-earnings ratio of 53.06, a PEG ratio of 1.41 and a beta of 1.46. MercadoLibre, Inc. has a 52 week low of $1,646.00 and a 52 week high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last posted its quarterly earnings data on Monday, August 4th. The company reported $10.31 EPS for the quarter, missing the consensus estimate of $12.01 by ($1.70). The firm had revenue of $6.79 billion for 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 firm’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.48 earnings per share. On average, analysts predict that MercadoLibre, Inc. will post 43.96 earnings per share for the current 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.