Summit Securities Group LLC Buys New Shares in MercadoLibre, Inc. (NASDAQ:MELI)

Summit Securities Group LLC bought a new position in shares of MercadoLibre, Inc. (NASDAQ:MELI) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 49 shares of the company’s stock, valued at approximately $83,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MELI. Thrivent Financial for Lutherans raised its stake in MercadoLibre by 11.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 197 shares of the company’s stock valued at $404,000 after acquiring an additional 21 shares during the period. Bridgewater Associates LP increased its holdings in shares of MercadoLibre by 17.0% in the third quarter. Bridgewater Associates LP now owns 1,837 shares of the company’s stock valued at $3,769,000 after purchasing an additional 267 shares during the last quarter. CreativeOne Wealth LLC bought a new position in shares of MercadoLibre in the third quarter valued at about $273,000. Financial Counselors Inc. acquired a new stake in shares of MercadoLibre during the 3rd quarter worth about $207,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of MercadoLibre during the 3rd quarter worth about $224,000. 87.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MELI shares. Bank of America raised their price objective on shares of MercadoLibre from $2,500.00 to $3,000.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Wedbush dropped their price target on MercadoLibre from $2,200.00 to $2,100.00 and set an “outperform” rating for the company in a report on Monday, January 6th. Susquehanna upped their price objective on MercadoLibre from $2,350.00 to $2,760.00 and gave the company a “positive” rating in a report on Friday, February 21st. New Street Research raised MercadoLibre from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $2,000.00 to $2,300.00 in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of MercadoLibre from $1,950.00 to $2,300.00 and gave the company a “neutral” rating in a research note on Tuesday, February 25th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $2,402.81.

MercadoLibre Trading Down 2.3 %

Shares of NASDAQ MELI opened at $2,048.07 on Monday. The stock has a market cap of $103.83 billion, a P/E ratio of 54.33, a price-to-earnings-growth ratio of 1.12 and a beta of 1.64. The firm has a 50 day moving average price of $2,028.39 and a two-hundred day moving average price of $1,973.66. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,374.54.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, February 20th. The company reported $12.61 EPS for the quarter, topping the consensus estimate of $10.21 by $2.40. The firm had revenue of $6.06 billion for the quarter, compared to the consensus estimate of $5.94 billion. MercadoLibre had a return on equity of 51.89% and a net margin of 9.20%. As a group, equities analysts forecast that MercadoLibre, Inc. will post 43.96 EPS 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.