Sierra Summit Advisors LLC Grows Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Sierra Summit Advisors LLC increased its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,324 shares of the company’s stock after purchasing an additional 157 shares during the quarter. MercadoLibre accounts for 2.6% of Sierra Summit Advisors LLC’s investment portfolio, making the stock its 12th biggest holding. Sierra Summit Advisors LLC’s holdings in MercadoLibre were worth $10,393,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. O Dell Group LLC raised its stake in 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 period. Belpointe Asset Management LLC raised its position in shares of MercadoLibre by 1.0% in the 2nd quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock worth $1,016,000 after buying an additional 6 shares during the period. Independent Advisor Alliance boosted its holdings in MercadoLibre by 1.2% in the fourth quarter. Independent Advisor Alliance now owns 586 shares of the company’s stock valued at $921,000 after acquiring an additional 7 shares during the last quarter. Hilltop National Bank increased its stake in MercadoLibre by 14.3% during the second quarter. Hilltop National Bank now owns 56 shares of the company’s stock worth $92,000 after acquiring an additional 7 shares during the last quarter. Finally, Contravisory Investment Management Inc. raised its holdings in shares of MercadoLibre by 5.1% in the 2nd quarter. Contravisory Investment Management Inc. now owns 143 shares of the company’s stock worth $235,000 after purchasing an additional 7 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Stock Down 0.8 %

Shares of MercadoLibre stock opened at $2,122.37 on Monday. The stock has a market capitalization of $107.60 billion, a price-to-earnings ratio of 94.96, a PEG ratio of 1.33 and a beta of 1.61. MercadoLibre, Inc. has a twelve month low of $1,141.04 and a twelve month high of $2,143.96. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. The business’s 50 day simple moving average is $1,860.84 and its 200-day simple moving average is $1,673.87.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MELI. StockNews.com downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. New Street Research lowered shares of MercadoLibre from a “buy” rating to a “neutral” rating in a report on Friday, May 24th. The Goldman Sachs Group raised their target price on MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Bank of America boosted their price target on MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Jefferies Financial Group raised MercadoLibre from a “hold” rating to a “buy” rating and increased their price target 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 given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, MercadoLibre currently has an average rating of “Moderate Buy” and an average price target of $2,182.92.

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.