Granite Group Advisors LLC Trims Stake in MercadoLibre, Inc. $MELI

Granite Group Advisors LLC reduced its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 108 shares of the company’s stock after selling 5 shares during the quarter. Granite Group Advisors LLC’s holdings in MercadoLibre were worth $282,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MELI. Jennison Associates LLC raised its stake in shares of MercadoLibre by 1.6% in the first quarter. Jennison Associates LLC now owns 1,154,116 shares of the company’s stock worth $2,251,531,000 after buying an additional 18,731 shares during the period. Invesco Ltd. grew its stake in shares of MercadoLibre by 22.4% during the 1st quarter. Invesco Ltd. now owns 570,967 shares of the company’s stock valued at $1,113,881,000 after acquiring an additional 104,554 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings 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 worth $1,073,823,000 after acquiring an additional 96,283 shares in the last quarter. Generation Investment Management LLP raised its stake in MercadoLibre by 3.3% during the 1st quarter. Generation Investment Management LLP now owns 530,564 shares of the company’s stock worth $1,035,061,000 after acquiring an additional 16,878 shares during the period. Finally, GQG Partners LLC raised its stake in MercadoLibre by 23.5% during the 1st quarter. GQG Partners LLC now owns 461,875 shares of the company’s stock worth $901,058,000 after acquiring an additional 87,912 shares during the period. Institutional investors own 87.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Benchmark reissued a “buy” rating and issued a $2,875.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. Citigroup dropped their price objective on shares of MercadoLibre from $2,850.00 to $2,700.00 and set a “buy” rating for the company in a report on Thursday, October 9th. Raymond James Financial reissued a “strong-buy” rating and issued a $2,750.00 target price on shares of MercadoLibre in a report on Tuesday, August 5th. Barclays reduced their price objective on MercadoLibre from $3,100.00 to $3,000.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 23rd. Finally, Daiwa Capital Markets assumed coverage on shares of MercadoLibre in a research note on Friday, August 1st. They issued a “buy” rating and a $3,000.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $2,810.88.

MercadoLibre Price Performance

Shares of MELI stock opened at $2,157.82 on Wednesday. MercadoLibre, Inc. has a one year low of $1,646.00 and a one year high of $2,645.22. The company has a market capitalization of $109.40 billion, a P/E ratio of 53.29, a P/E/G ratio of 1.45 and a beta of 1.46. The company’s 50-day simple moving average is $2,354.09 and its two-hundred day simple moving average is $2,347.41. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The company’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same period last year, the firm earned $10.48 earnings per share. As a group, equities analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current 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.