MercadoLibre, Inc. $MELI Stock Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 18.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,176 shares of the company’s stock after selling 1,155 shares during the quarter. Cornerstone Advisors LLC’s holdings in MercadoLibre were worth $8,947,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Aberdeen Group plc boosted its holdings in shares of MercadoLibre by 6,304.8% in the third quarter. Aberdeen Group plc now owns 2,473,606 shares of the company’s stock worth $4,275,702,000 after buying an additional 2,434,985 shares during the last quarter. Moors & Cabot Inc. increased its holdings in MercadoLibre by 11.2% during the third quarter. Moors & Cabot Inc. now owns 327 shares of the company’s stock valued at $565,000 after buying an additional 33 shares during the last quarter. Valmark Advisers Inc. increased its holdings in MercadoLibre by 8.2% during the third quarter. Valmark Advisers Inc. now owns 159 shares of the company’s stock valued at $275,000 after buying an additional 12 shares during the last quarter. William Blair Investment Management LLC increased its holdings in MercadoLibre by 1,476.4% during the third quarter. William Blair Investment Management LLC now owns 6,952 shares of the company’s stock valued at $12,017,000 after buying an additional 6,511 shares during the last quarter. Finally, ICICI Prudential Asset Management Co Ltd raised its position in MercadoLibre by 65.7% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 3,667 shares of the company’s stock worth $6,339,000 after acquiring an additional 1,454 shares during the period. 87.62% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MELI. Susquehanna increased their price target on shares of MercadoLibre to $2,400.00 and gave the stock a “positive” rating in a research report on Tuesday, October 6th. Citigroup raised shares of MercadoLibre from a “neutral” rating to a “buy” rating and cut their price objective for the company from $2,100.00 to $2,050.00 in a research report on Tuesday, October 27th. New Street Research began coverage on MercadoLibre in a research note on Wednesday, September 23rd. They issued a “buy” rating and a $2,450.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of MercadoLibre in a report on Tuesday, September 29th. Finally, Scotiabank decreased their target price on MercadoLibre from $2,800.00 to $2,300.00 and set a “sector outperform” rating on the stock in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,170.62.

MercadoLibre Stock Up 1.1%

MELI stock opened at $1,491.49 on Friday. The business’s 50-day moving average price is $1,760.76 and its 200-day moving average price is $1,787.78. The stock has a market cap of $75.62 billion, a P/E ratio of 40.01, a PEG ratio of 1.06 and a beta of 1.42. The company has a quick ratio of 1.10, a current ratio of 1.17 and a debt-to-equity ratio of 0.77. MercadoLibre, Inc. has a twelve month low of $1,463.20 and a twelve month high of $2,342.00.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Wednesday, November 4th. The company reported $8.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.27 by ($0.44). MercadoLibre had a return on equity of 25.15% and a net margin of 4.91%. The firm had revenue of $10.75 billion during the quarter, compared to analysts’ expectations of $10.69 billion. During the same period in the prior year, the company posted $8.32 earnings per share. The company’s revenue was up 45.1% compared to the same quarter last year. On average, equities research analysts forecast that MercadoLibre, Inc. will post 37.44 EPS for the current year.

MercadoLibre Profile

MercadoLibre, Inc. operates an online commerce and financial technology platform focused on Latin America. Founded in Argentina in 1999, the company connects buyers and sellers through its marketplace, where businesses and individuals can list and purchase a wide range of products. The company’s services also include Mercado Pago, which offers digital payment and financial services for transactions on and off its marketplace. MercadoLibre supports commerce with services such as Mercado Envíos, its shipping and logistics platform, and provides advertising tools for merchants and brands.