SlateStone Wealth LLC Lowers Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

SlateStone Wealth LLC cut its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 10.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,872 shares of the company’s stock after selling 213 shares during the period. SlateStone Wealth LLC’s holdings in MercadoLibre were worth $2,942,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Synergy Financial Group LTD grew its position in shares of MercadoLibre by 0.5% during the third quarter. Synergy Financial Group LTD now owns 1,601 shares of the company’s stock worth $2,030,000 after acquiring an additional 8 shares during the last quarter. Gateway Advisory LLC grew its position in MercadoLibre by 1.9% in the 3rd quarter. Gateway Advisory LLC now owns 430 shares of the company’s stock valued at $545,000 after buying an additional 8 shares during the last quarter. Contravisory Investment Management Inc. grew its position in MercadoLibre by 6.2% in the 4th quarter. Contravisory Investment Management Inc. now owns 138 shares of the company’s stock valued at $217,000 after buying an additional 8 shares during the last quarter. Catalyst Capital Advisors LLC grew its position in MercadoLibre by 32.1% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 37 shares of the company’s stock valued at $47,000 after buying an additional 9 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of MercadoLibre by 56.3% during the 4th quarter. Blue Trust Inc. now owns 25 shares of the company’s stock worth $39,000 after buying an additional 9 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on MELI. Citigroup cut their price target on MercadoLibre from $1,990.00 to $1,940.00 and set a “buy” rating for the company in a research note on Wednesday, March 27th. DZ Bank raised shares of MercadoLibre from a “hold” rating to a “buy” rating and set a $1,685.00 target price for the company in a research note on Tuesday. Wedbush cut their target price on shares of MercadoLibre from $2,000.00 to $1,800.00 and set an “outperform” rating for the company in a research note on Wednesday. UBS Group cut their target price on shares of MercadoLibre from $1,900.00 to $1,800.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. Finally, JPMorgan Chase & Co. boosted their target price on shares of MercadoLibre from $2,000.00 to $2,150.00 and gave the company an “overweight” rating in a research note on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,790.36.

MercadoLibre Stock Performance

NASDAQ MELI traded up $1.73 during trading hours on Wednesday, hitting $1,396.73. The company had a trading volume of 26,608 shares, compared to its average volume of 382,896. MercadoLibre, Inc. has a fifty-two week low of $1,063.02 and a fifty-two week high of $1,825.00. The company has a quick ratio of 1.24, a current ratio of 1.27 and a debt-to-equity ratio of 0.72. The business has a fifty day simple moving average of $1,546.31 and a 200-day simple moving average of $1,529.78. The firm has a market cap of $70.81 billion, a P/E ratio of 71.39, a price-to-earnings-growth ratio of 0.88 and a beta of 1.44.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, February 22nd. The company reported $3.25 earnings per share for the quarter, missing the consensus estimate of $6.66 by ($3.41). MercadoLibre had a net margin of 6.82% and a return on equity of 39.07%. The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same period in the prior year, the business earned $3.25 EPS. The company’s quarterly revenue was up 42.0% compared to the same quarter last year. Equities analysts predict that MercadoLibre, Inc. will post 35.77 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.