Miracle Mile Advisors LLC Buys 61 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Miracle Mile Advisors LLC grew its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 38.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 218 shares of the company’s stock after buying an additional 61 shares during the period. Miracle Mile Advisors LLC’s holdings in MercadoLibre were worth $425,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. UMB Bank n.a. grew its holdings in shares of MercadoLibre by 16.6% during the first quarter. UMB Bank n.a. now owns 337 shares of the company’s stock worth $657,000 after purchasing an additional 48 shares in the last quarter. Clean Yield Group purchased a new position in shares of MercadoLibre during the first quarter worth about $118,000. Gateway Investment Advisers LLC grew its holdings in shares of MercadoLibre by 2.4% during the first quarter. Gateway Investment Advisers LLC now owns 2,892 shares of the company’s stock worth $5,642,000 after purchasing an additional 67 shares in the last quarter. Seneca House Advisors grew its holdings in shares of MercadoLibre by 3.3% during the first quarter. Seneca House Advisors now owns 247 shares of the company’s stock worth $482,000 after purchasing an additional 8 shares in the last quarter. Finally, Independence Bank of Kentucky grew its holdings in shares of MercadoLibre by 9.8% during the first quarter. Independence Bank of Kentucky now owns 168 shares of the company’s stock worth $328,000 after purchasing an additional 15 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MELI shares. Wall Street Zen lowered MercadoLibre from a “buy” rating to a “hold” rating in a report on Friday, May 16th. Morgan Stanley reissued an “overweight” rating on shares of MercadoLibre in a report on Thursday, May 1st. Bank of America boosted their price objective on MercadoLibre from $2,500.00 to $3,000.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $2,800.00 target price (up previously from $2,450.00) on shares of MercadoLibre in a research note on Thursday, June 5th. Finally, Benchmark lowered MercadoLibre from a “buy” rating to a “cautious” rating in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,613.75.

MercadoLibre Stock Performance

NASDAQ:MELI opened at $2,396.44 on Wednesday. The firm has a market cap of $121.49 billion, a PE ratio of 63.57, a price-to-earnings-growth ratio of 1.12 and a beta of 1.51. MercadoLibre, Inc. has a fifty-two week low of $1,550.00 and a fifty-two week high of $2,635.88. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. The business has a 50 day moving average price of $2,307.64 and a 200-day moving average price of $2,068.51.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings data on Wednesday, May 7th. The company reported $9.74 earnings per share for the quarter, beating analysts’ consensus estimates of $7.82 by $1.92. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.55 billion. MercadoLibre had a return on equity of 51.89% and a net margin of 9.20%. The business’s quarterly revenue was up 37.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.78 earnings per share. Equities research analysts predict that MercadoLibre, Inc. will post 43.96 earnings per share 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.