Lord Abbett & CO. LLC Increases Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Lord Abbett & CO. LLC boosted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 10.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 107,525 shares of the company’s stock after buying an additional 9,910 shares during the quarter. MercadoLibre makes up 0.7% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 28th largest holding. Lord Abbett & CO. LLC owned 0.21% of MercadoLibre worth $220,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its stake in MercadoLibre by 4.0% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,582 shares of the company’s stock valued at $4,243,000 after purchasing an additional 100 shares during the period. Swedbank AB raised its position in MercadoLibre by 4.6% in the second quarter. Swedbank AB now owns 20,787 shares of the company’s stock worth $34,161,000 after acquiring an additional 921 shares during the period. Blue Trust Inc. boosted its stake in MercadoLibre by 1,860.0% in the second quarter. Blue Trust Inc. now owns 196 shares of the company’s stock valued at $296,000 after acquiring an additional 186 shares during the last quarter. Raymond James & Associates raised its holdings in shares of MercadoLibre by 4.8% in the 2nd quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock worth $57,256,000 after purchasing an additional 1,604 shares during the period. Finally, Clay Northam Wealth Management LLC purchased a new position in MercadoLibre in the second quarter valued at approximately $219,000. 87.62% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MELI. Morgan Stanley lowered their target price on MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Bank of America increased their target price on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research report on Thursday, September 12th. BTIG Research dropped their price target on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Barclays reduced their price objective on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. cut their price target on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,267.67.

MercadoLibre Price Performance

Shares of MercadoLibre stock opened at $1,823.86 on Friday. The stock has a market capitalization of $92.47 billion, a price-to-earnings ratio of 64.36, a price-to-earnings-growth ratio of 1.29 and a beta of 1.57. The company has a fifty day moving average of $1,992.95 and a 200-day moving average of $1,880.39. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,161.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25.

Insider Activity

In related news, Director Emiliano Calemzuk sold 50 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $1,984.98, for a total transaction of $99,249.00. Following the completion of the sale, the director now directly owns 238 shares in the company, valued at $472,425.24. This represents a 17.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.06% of the company’s stock.

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.