Financial Advocates Investment Management Sells 42 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Financial Advocates Investment Management reduced its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 9.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 406 shares of the company’s stock after selling 42 shares during the period. Financial Advocates Investment Management’s holdings in MercadoLibre were worth $833,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. Capital World Investors increased its position in shares of MercadoLibre by 12.7% during the first quarter. Capital World Investors now owns 845,749 shares of the company’s stock valued at $1,278,738,000 after purchasing an additional 95,029 shares during the period. GQG Partners LLC increased its position in shares of MercadoLibre by 442.2% during the first quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock valued at $1,201,679,000 after purchasing an additional 648,198 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of MercadoLibre by 43.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock valued at $1,167,073,000 after purchasing an additional 232,787 shares during the period. Janus Henderson Group PLC increased its position in shares of MercadoLibre by 55.8% during the first quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock valued at $557,225,000 after purchasing an additional 132,028 shares during the period. Finally, Legal & General Group Plc increased its position in shares of MercadoLibre by 3.6% during the second quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock valued at $531,755,000 after purchasing an additional 11,265 shares during the period. 87.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Raymond James assumed coverage on MercadoLibre in a research report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $2,530.00 price objective on shares of MercadoLibre in a research report on Monday, October 7th. JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price target on the stock. in a research note on Wednesday, October 2nd. The Goldman Sachs Group boosted their price target 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. Finally, Dbs Bank raised MercadoLibre from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,301.67.

MercadoLibre Price Performance

Shares of MELI stock opened at $2,054.90 on Friday. The stock’s fifty day moving average is $2,050.38 and its 200-day moving average is $1,801.53. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28. The stock has a market capitalization of $104.18 billion, a PE ratio of 74.26, a PEG ratio of 1.23 and a beta of 1.61. MercadoLibre, Inc. has a 52 week low of $1,310.31 and a 52 week high of $2,161.73.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, August 1st. The company reported $10.48 EPS for the quarter, topping the consensus estimate of $8.53 by $1.95. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The business’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.16 earnings per share. Equities research analysts expect that MercadoLibre, Inc. will post 37.7 EPS for the current fiscal year.

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.