Legacy Wealth Asset Management LLC Raises Position in MercadoLibre, Inc. (NASDAQ:MELI)

Legacy Wealth Asset Management LLC boosted its position in MercadoLibre, Inc. (NASDAQ:MELI) by 4.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 398 shares of the company’s stock after purchasing an additional 16 shares during the period. Legacy Wealth Asset Management LLC’s holdings in MercadoLibre were worth $817,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of MELI. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after buying an additional 16 shares during the last quarter. Optimum Investment Advisors boosted its position in MercadoLibre by 750.0% during the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after purchasing an additional 15 shares during the period. Financial Connections Group Inc. bought a new stake in shares of MercadoLibre in the second quarter valued at approximately $36,000. Quarry LP purchased a new stake in shares of MercadoLibre during the 2nd quarter valued at approximately $43,000. Finally, NBC Securities Inc. boosted its holdings in MercadoLibre by 35.0% in the 3rd quarter. NBC Securities Inc. now owns 27 shares of the company’s stock worth $55,000 after buying an additional 7 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Price Performance

MELI opened at $2,047.35 on Friday. The stock’s 50 day moving average price is $2,045.69 and its 200-day moving average price is $1,777.82. MercadoLibre, Inc. has a 52-week low of $1,162.73 and a 52-week high of $2,161.73. The stock has a market capitalization of $103.80 billion, a PE ratio of 73.99, a price-to-earnings-growth ratio of 1.26 and a beta of 1.61. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $10.48 EPS for the quarter, topping the consensus estimate of $8.53 by $1.95. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The company’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same period in the prior year, the business earned $5.16 EPS. On average, equities research analysts predict that MercadoLibre, Inc. will post 37.55 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on MELI shares. StockNews.com lowered MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Bank of America increased their price target on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $2,530.00 price objective on shares of MercadoLibre in a research note on Monday, October 7th. Susquehanna increased their target price on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research note on Wednesday, August 28th. Finally, Raymond James started coverage on shares of MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2,301.67.

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.