Truist Financial Corp Trims Position in MercadoLibre, Inc. $MELI

Truist Financial Corp cut its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 23.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,472 shares of the company’s stock after selling 1,392 shares during the period. Truist Financial Corp’s holdings in MercadoLibre were worth $11,688,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Bosman Wealth Management LLC increased its stake in shares of MercadoLibre by 88.5% during the second quarter. Bosman Wealth Management LLC now owns 1,001 shares of the company’s stock valued at $2,616,000 after buying an additional 470 shares during the period. Chicago Capital LLC increased its stake in shares of MercadoLibre by 5.1% during the second quarter. Chicago Capital LLC now owns 3,982 shares of the company’s stock valued at $10,407,000 after buying an additional 192 shares during the period. Capital Investment Advisors LLC increased its stake in shares of MercadoLibre by 31.0% during the second quarter. Capital Investment Advisors LLC now owns 148 shares of the company’s stock valued at $387,000 after buying an additional 35 shares during the period. Asio Capital LLC increased its stake in shares of MercadoLibre by 2.4% during the second quarter. Asio Capital LLC now owns 2,533 shares of the company’s stock valued at $6,620,000 after buying an additional 59 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of MercadoLibre by 9.8% during the second quarter. Janney Montgomery Scott LLC now owns 7,339 shares of the company’s stock valued at $19,183,000 after buying an additional 655 shares during the period. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Trading Down 3.3%

Shares of NASDAQ:MELI opened at $2,172.75 on Friday. The company has a market cap of $110.16 billion, a P/E ratio of 53.66, a PEG ratio of 1.44 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18. MercadoLibre, Inc. has a 1 year low of $1,646.00 and a 1 year high of $2,645.22. The stock’s fifty day moving average price is $2,382.29 and its 200-day moving average price is $2,343.55.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). MercadoLibre had a net margin of 8.52% and a return on equity of 43.06%. The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. During the same period in the previous year, the company earned $10.48 earnings per share. The company’s revenue for the quarter was up 33.8% compared to the same quarter last year. Sell-side analysts expect that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

Wall Street Analyst Weigh In

MELI has been the topic of several research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of MercadoLibre in a research note on Saturday, September 27th. Cantor Fitzgerald lifted their price target on MercadoLibre from $2,700.00 to $2,900.00 and gave the company an “overweight” rating in a research report on Wednesday, September 24th. Scotiabank began coverage on MercadoLibre in a research report on Monday, July 28th. They set a “sector outperform” rating and a $3,500.00 price target on the stock. Susquehanna restated a “positive” rating and set a $2,975.00 price target (up from $2,840.00) on shares of MercadoLibre in a research report on Thursday, June 26th. Finally, Benchmark restated a “buy” rating and set a $2,875.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,822.78.

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.