Pier 88 Investment Partners LLC Increases Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Pier 88 Investment Partners LLC boosted its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 262.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 870 shares of the company’s stock after buying an additional 630 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in MercadoLibre were worth $1,430,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GQG Partners LLC raised its position in MercadoLibre by 442.2% during the first quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock worth $1,201,679,000 after acquiring an additional 648,198 shares during the period. Norges Bank acquired a new position in shares of MercadoLibre during the 4th quarter worth about $554,386,000. Price T Rowe Associates Inc. MD lifted its stake in MercadoLibre by 43.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock valued at $1,167,073,000 after buying an additional 232,787 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in MercadoLibre in the 2nd quarter worth about $2,913,000. Finally, Janus Henderson Group PLC increased its stake in MercadoLibre by 55.8% during the 1st quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock worth $557,225,000 after buying an additional 132,028 shares in the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Analyst Upgrades and Downgrades

MELI has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on MercadoLibre from $2,150.00 to $2,400.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. Citigroup lifted their target price on shares of MercadoLibre from $2,000.00 to $2,200.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. The Goldman Sachs Group increased their target price on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Susquehanna boosted their price target on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research report on Wednesday, August 28th. Finally, Jefferies Financial Group upgraded shares of MercadoLibre from a “hold” rating to a “buy” rating and increased their price objective for the company from $1,400.00 to $2,100.00 in a report on Monday, May 20th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, MercadoLibre currently has an average rating of “Moderate Buy” and an average price target of $2,141.25.

MercadoLibre Stock Down 2.6 %

MELI stock opened at $1,986.05 on Friday. MercadoLibre, Inc. has a one year low of $1,141.04 and a one year high of $2,064.76. The firm has a market cap of $100.69 billion, a PE ratio of 88.86, a PEG ratio of 1.36 and a beta of 1.61. The firm’s 50 day moving average price is $1,814.44 and its 200-day moving average price is $1,659.56. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Thursday, August 1st. The company reported $10.48 EPS for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. The company had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The company’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.16 earnings per share. On average, equities research analysts anticipate that MercadoLibre, Inc. will post 35.22 EPS for the current year.

MercadoLibre 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.