MercadoLibre, Inc. $MELI Shares Bought by Sara Bay Financial

Sara Bay Financial raised its position in MercadoLibre, Inc. (NASDAQ:MELI) by 3,493.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,468 shares of the company’s stock after purchasing an additional 6,288 shares during the period. MercadoLibre accounts for 3.4% of Sara Bay Financial’s investment portfolio, making the stock its 9th largest holding. Sara Bay Financial’s holdings in MercadoLibre were worth $11,183,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Darwin Wealth Management LLC purchased a new position in MercadoLibre in the second quarter valued at $29,000. Laurel Wealth Advisors LLC purchased a new stake in MercadoLibre during the 4th quarter worth about $26,000. Transamerica Financial Advisors LLC purchased a new stake in MercadoLibre during the 4th quarter worth about $26,000. Purpose Unlimited Inc. acquired a new position in shares of MercadoLibre during the 4th quarter worth about $28,000. Finally, Curio Wealth LLC acquired a new position in shares of MercadoLibre during the 4th quarter worth about $30,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Stock Down 0.4%

MELI opened at $1,583.66 on Wednesday. MercadoLibre, Inc. has a one year low of $1,495.00 and a one year high of $2,645.22. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.14 and a current ratio of 1.16. The stock has a market capitalization of $80.29 billion, a P/E ratio of 41.80, a price-to-earnings-growth ratio of 0.98 and a beta of 1.36. The business’s 50-day simple moving average is $1,699.06 and its 200-day simple moving average is $1,850.99.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.75 by ($0.52). The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The firm’s revenue for the quarter was up 49.0% compared to the same quarter last year. During the same period last year, the company earned $9.74 earnings per share. Analysts anticipate that MercadoLibre, Inc. will post 40.97 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wedbush cut their target price on MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Morgan Stanley lowered their price target on MercadoLibre from $2,600.00 to $2,450.00 and set an “overweight” rating for the company in a report on Monday, May 11th. JPMorgan Chase & Co. dropped their price target on shares of MercadoLibre from $2,100.00 to $1,900.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Scotiabank cut their price objective on shares of MercadoLibre from $3,500.00 to $2,800.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 7th. Finally, Barclays reduced their price objective on shares of MercadoLibre from $2,500.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, MercadoLibre presently has an average rating of “Moderate Buy” and an average target price of $2,255.33.

Insiders Place Their Bets

In other news, Director Alejandro Nicolas Aguzin acquired 600 shares of MercadoLibre stock in a transaction on Friday, May 22nd. The stock was bought at an average price of $1,655.93 per share, for a total transaction of $993,558.00. Following the completion of the purchase, the director owned 5,355 shares in the company, valued at $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.