Confluence Investment Management LLC Takes $346,000 Position in MercadoLibre, Inc. (NASDAQ:MELI)

Confluence Investment Management LLC purchased a new stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 229 shares of the company’s stock, valued at approximately $346,000.

A number of other institutional investors have also recently made changes to their positions in MELI. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of MercadoLibre during the third quarter valued at approximately $2,845,000. Envestnet Asset Management Inc. boosted its holdings in MercadoLibre by 99.3% in the third quarter. Envestnet Asset Management Inc. now owns 53,554 shares of the company’s stock worth $67,900,000 after purchasing an additional 26,679 shares during the last quarter. Stokes Family Office LLC boosted its holdings in MercadoLibre by 5.5% in the third quarter. Stokes Family Office LLC now owns 229 shares of the company’s stock worth $290,000 after purchasing an additional 12 shares during the last quarter. Rathbones Group PLC boosted its holdings in MercadoLibre by 576.6% in the third quarter. Rathbones Group PLC now owns 5,223 shares of the company’s stock worth $6,622,000 after purchasing an additional 4,451 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its holdings in MercadoLibre by 10.0% in the third quarter. V Square Quantitative Management LLC now owns 298 shares of the company’s stock worth $378,000 after purchasing an additional 27 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Trading Up 0.9 %

NASDAQ:MELI opened at $1,573.40 on Wednesday. MercadoLibre, Inc. has a one year low of $1,063.02 and a one year high of $1,825.00. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.25 and a current ratio of 1.27. The firm has a market cap of $79.77 billion, a P/E ratio of 70.40, a P/E/G ratio of 1.14 and a beta of 1.60. The firm has a 50-day simple moving average of $1,584.78 and a 200-day simple moving average of $1,605.82.

MercadoLibre (NASDAQ:MELI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $6.78 EPS for the quarter, topping the consensus estimate of $6.64 by $0.14. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $3.84 billion. MercadoLibre had a net margin of 7.17% and a return on equity of 39.46%. MercadoLibre’s revenue was up 36.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.97 EPS. Equities analysts anticipate that MercadoLibre, Inc. will post 33.81 EPS for the current fiscal year.

Analysts Set New Price Targets

MELI has been the topic of several research reports. UBS Group dropped their target price on shares of MercadoLibre from $1,900.00 to $1,800.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. Jefferies Financial Group upgraded shares of MercadoLibre from a “hold” rating to a “buy” rating and increased their price target for the stock from $1,400.00 to $2,100.00 in a research report on Monday, May 20th. Barclays increased their price target on shares of MercadoLibre from $1,800.00 to $2,000.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. increased their price target on shares of MercadoLibre from $2,000.00 to $2,150.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th. Finally, Citigroup decreased their price target on shares of MercadoLibre from $1,990.00 to $1,940.00 and set a “buy” rating on the stock in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, MercadoLibre currently has an average rating of “Moderate Buy” and an average target price of $1,881.92.

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.