NewEdge Advisors LLC Decreases Stake in MercadoLibre, Inc. $MELI

NewEdge Advisors LLC lessened its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 23.1% in the 1st quarter, HoldingsChannel reports. The fund owned 3,675 shares of the company’s stock after selling 1,106 shares during the period. NewEdge Advisors LLC’s holdings in MercadoLibre were worth $6,354,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Laurel Wealth Advisors LLC purchased a new stake in shares of MercadoLibre during the 4th quarter worth $26,000. Transamerica Financial Advisors LLC acquired a new stake in MercadoLibre in the fourth quarter valued at $26,000. Purpose Unlimited Inc. acquired a new stake in MercadoLibre in the fourth quarter valued at $28,000. Darwin Wealth Management LLC purchased a new stake in MercadoLibre during the 2nd quarter worth about $29,000. Finally, Curio Wealth LLC purchased a new stake in MercadoLibre during the 4th quarter worth about $30,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MELI shares. Benchmark dropped their price objective on MercadoLibre from $2,780.00 to $2,380.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Jefferies Financial Group raised MercadoLibre from a “hold” rating to a “buy” rating and lowered their price target for the company from $2,800.00 to $2,600.00 in a report on Tuesday, April 7th. BTIG Research reiterated a “buy” rating and issued a $2,150.00 price target on shares of MercadoLibre in a research note on Tuesday, June 2nd. Barclays cut their price objective on shares of MercadoLibre from $2,500.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Monday, May 11th. Finally, The Goldman Sachs Group set a $2,100.00 price objective on shares of MercadoLibre in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, MercadoLibre has a consensus rating of “Moderate Buy” and an average target price of $2,258.67.

Insiders Place Their Bets

In other news, Director Alejandro Nicolas Aguzin acquired 600 shares of MercadoLibre stock in a transaction on Friday, May 22nd. The stock was bought at an average price of $1,655.93 per share, for a total transaction of $993,558.00. Following the completion of the purchase, the director 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 filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

MercadoLibre Stock Up 1.2%

MELI opened at $1,885.73 on Friday. The business’s 50-day simple moving average is $1,724.37 and its 200-day simple moving average is $1,804.48. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.14 and a current ratio of 1.16. MercadoLibre, Inc. has a one year low of $1,495.00 and a one year high of $2,548.50. The stock has a market capitalization of $95.61 billion, a P/E ratio of 49.77, a price-to-earnings-growth ratio of 1.15 and a beta of 1.35.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.75 by ($0.52). The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The firm’s revenue for the quarter was up 49.0% compared to the same quarter last year. During the same period last year, the company earned $9.74 earnings per share. Analysts anticipate that MercadoLibre, Inc. will post 41 EPS for the current year.

MercadoLibre 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.