Deepwater Asset Management LLC Takes $7.14 Million Position in MercadoLibre, Inc. $MELI

Deepwater Asset Management LLC bought a new position in MercadoLibre, Inc. (NASDAQ:MELI) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,208 shares of the company’s stock, valued at approximately $7,143,000. MercadoLibre makes up approximately 3.2% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 17th biggest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of MercadoLibre in the 2nd quarter valued at $2,246,015,000. Capital Research Global Investors boosted its stake in MercadoLibre by 22.5% during the fourth quarter. Capital Research Global Investors now owns 2,225,031 shares of the company’s stock worth $4,481,812,000 after acquiring an additional 408,939 shares in the last quarter. Norges Bank bought a new position in MercadoLibre during the fourth quarter worth $597,045,000. Royal Bank of Canada boosted its stake in MercadoLibre by 114.2% during the first quarter. Royal Bank of Canada now owns 444,603 shares of the company’s stock worth $768,728,000 after acquiring an additional 237,008 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in MercadoLibre by 184.8% in the fourth quarter. Marshall Wace LLP now owns 311,818 shares of the company’s stock worth $628,083,000 after purchasing an additional 202,322 shares during the period. 87.62% of the stock is currently owned by institutional investors.

MercadoLibre Trading Down 0.5%

Shares of MELI stock opened at $1,779.14 on Wednesday. The business has a 50-day moving average price of $1,773.74 and a two-hundred day moving average price of $1,778.68. MercadoLibre, Inc. has a 12-month low of $1,495.00 and a 12-month high of $2,548.50. The company has a quick ratio of 1.10, a current ratio of 1.12 and a debt-to-equity ratio of 0.53. The firm has a market cap of $90.20 billion, a P/E ratio of 48.39, a price-to-earnings-growth ratio of 1.26 and a beta of 1.34.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.19 earnings per share for the quarter, beating analysts’ consensus estimates of $8.65 by $0.54. The company had revenue of $10.17 billion for the quarter, compared to analysts’ expectations of $9.79 billion. MercadoLibre had a return on equity of 26.54% and a net margin of 5.30%.MercadoLibre’s revenue for the quarter was up 49.8% compared to the same quarter last year. During the same period last year, the firm posted $10.31 EPS. Equities analysts anticipate that MercadoLibre, Inc. will post 39.11 EPS for the current fiscal year.

Insider Activity at MercadoLibre

In other MercadoLibre news, Director Alejandro Nicolas Aguzin purchased 600 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were purchased at an average cost of $1,655.93 per share, with a total value of $993,558.00. Following the completion of the purchase, the director owned 5,355 shares of the company’s stock, valued at $8,867,505.15. The trade was a 12.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MELI shares. Daiwa Securities Group downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating and set a $1,800.00 price target for the company. in a research note on Friday, May 8th. Cantor Fitzgerald raised their target price on MercadoLibre from $2,150.00 to $2,300.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. BTIG Research reaffirmed a “buy” rating and set a $2,150.00 target price on shares of MercadoLibre in a report on Thursday, August 6th. Citigroup upped their target price on MercadoLibre from $1,950.00 to $2,000.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Finally, The Goldman Sachs Group set a $2,100.00 price objective on MercadoLibre in a report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,272.00.

MercadoLibre Company 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.