Allspring Global Investments Holdings LLC Cuts Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Allspring Global Investments Holdings LLC lowered its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 5.0% in the third quarter, Holdings Channel reports. The firm owned 164,663 shares of the company’s stock after selling 8,657 shares during the period. Allspring Global Investments Holdings LLC’s holdings in MercadoLibre were worth $337,881,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MELI. O Dell Group LLC lifted its position in shares of MercadoLibre by 2.1% during the first quarter. O Dell Group LLC now owns 294 shares of the company’s stock worth $445,000 after purchasing an additional 6 shares during the last quarter. Belpointe Asset Management LLC increased its stake in MercadoLibre by 1.0% during the 2nd quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock valued at $1,016,000 after buying an additional 6 shares during the period. Ameritas Investment Partners Inc. raised its holdings in MercadoLibre by 0.4% during the second quarter. Ameritas Investment Partners Inc. now owns 1,472 shares of the company’s stock worth $2,419,000 after purchasing an additional 6 shares in the last quarter. Evolutionary Tree Capital Management LLC grew its holdings in MercadoLibre by 0.3% during the second quarter. Evolutionary Tree Capital Management LLC now owns 2,071 shares of the company’s stock worth $3,403,000 after acquiring an additional 6 shares during the period. Finally, Hilltop National Bank lifted its stake in MercadoLibre by 14.3% during the second quarter. Hilltop National Bank now owns 56 shares of the company’s stock valued at $92,000 after purchasing an additional 7 shares during the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.

Wall Street Analysts Forecast Growth

MELI has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Raymond James started coverage on MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $2,530.00 target price on shares of MercadoLibre in a research note on Monday, October 7th. StockNews.com downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, JPMorgan Chase & Co. downgraded MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target on the stock. in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $2,283.00.

MercadoLibre Price Performance

NASDAQ:MELI traded up $13.92 during trading hours on Friday, reaching $2,079.79. The company had a trading volume of 230,026 shares, compared to its average volume of 349,982. MercadoLibre, Inc. has a one year low of $1,141.04 and a one year high of $2,161.73. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average of $2,034.69 and a two-hundred day moving average of $1,763.90. The firm has a market capitalization of $105.44 billion, a PE ratio of 93.06, a PEG ratio of 1.25 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.53 by $1.95. The firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The firm’s quarterly revenue was up 41.5% on a year-over-year basis. During the same period last year, the firm posted $5.16 EPS. Analysts forecast that MercadoLibre, Inc. will post 37.55 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.