Wealth Enhancement Advisory Services LLC Buys 1,605 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Wealth Enhancement Advisory Services LLC lifted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 62.2% during the third quarter, HoldingsChannel reports. The firm owned 4,187 shares of the company’s stock after purchasing an additional 1,605 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in MercadoLibre were worth $8,592,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Capital World Investors grew its holdings in shares of MercadoLibre by 12.7% in the first quarter. Capital World Investors now owns 845,749 shares of the company’s stock worth $1,278,738,000 after purchasing an additional 95,029 shares during the last quarter. GQG Partners LLC grew its holdings in shares of MercadoLibre by 442.2% in the first quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock worth $1,201,679,000 after purchasing an additional 648,198 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in MercadoLibre by 43.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock worth $1,167,073,000 after acquiring an additional 232,787 shares during the period. Janus Henderson Group PLC lifted its stake in MercadoLibre by 55.8% in the first quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock worth $557,225,000 after acquiring an additional 132,028 shares during the period. Finally, Legal & General Group Plc lifted its stake in MercadoLibre by 3.6% in the second quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock worth $531,755,000 after acquiring an additional 11,265 shares during the period. 87.62% of the stock is currently owned by institutional investors.

MercadoLibre Stock Performance

Shares of MercadoLibre stock opened at $2,026.57 on Wednesday. The firm has a market capitalization of $102.74 billion, a P/E ratio of 90.67, a PEG ratio of 1.26 and a beta of 1.61. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The company has a 50 day moving average price of $2,048.06 and a 200 day moving average price of $1,793.83. MercadoLibre, Inc. has a 52 week low of $1,205.80 and a 52 week high of $2,161.73.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MELI shares. StockNews.com lowered shares of MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Citigroup upped their price objective on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Barclays upped their price objective on shares of MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. BTIG Research upped their price objective on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Finally, Raymond James began coverage on shares of MercadoLibre in a research note on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price objective 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. According to data from MarketBeat.com, the stock 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.