Granite Bay Wealth Management LLC Purchases Shares of 3,295 MercadoLibre, Inc. (NASDAQ:MELI)

Granite Bay Wealth Management LLC acquired a new position in shares of MercadoLibre, Inc. (NASDAQ:MELI) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,295 shares of the company’s stock, valued at approximately $5,208,000.

A number of other hedge funds also recently bought and sold shares of the business. Raymond James & Associates lifted its position in MercadoLibre by 4.8% in the second quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock worth $57,256,000 after buying an additional 1,604 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in MercadoLibre by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,642 shares of the company’s stock valued at $41,794,000 after purchasing an additional 4,658 shares during the period. Gulf International Bank UK Ltd raised its holdings in shares of MercadoLibre by 33.4% in the 1st quarter. Gulf International Bank UK Ltd now owns 4,960 shares of the company’s stock valued at $7,499,000 after purchasing an additional 1,241 shares in the last quarter. Caprock Group LLC lifted its position in shares of MercadoLibre by 143.7% in the 2nd quarter. Caprock Group LLC now owns 580 shares of the company’s stock worth $955,000 after purchasing an additional 342 shares during the period. Finally, Sarasin & Partners LLP lifted its holdings in MercadoLibre by 168.5% during the second quarter. Sarasin & Partners LLP now owns 45,407 shares of the company’s stock worth $74,622,000 after buying an additional 28,494 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on MELI. The Goldman Sachs Group increased their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Citigroup boosted their price target on MercadoLibre from $2,000.00 to $2,200.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. BTIG Research increased 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. Morgan Stanley lifted their price target on MercadoLibre from $2,175.00 to $2,500.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Finally, Raymond James started coverage on shares of MercadoLibre in a report on Friday. They issued an “outperform” rating and a $2,350.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,217.50.

MercadoLibre Price Performance

Shares of NASDAQ MELI opened at $2,051.96 on Tuesday. 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 firm has a 50-day simple moving average of $1,948.50 and a 200-day simple moving average of $1,716.05. MercadoLibre, Inc. has a 52 week low of $1,141.04 and a 52 week high of $2,161.73. The stock has a market capitalization of $104.03 billion, a price-to-earnings ratio of 91.81, a price-to-earnings-growth ratio of 1.34 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The company’s quarterly revenue was up 41.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.16 EPS. On average, equities analysts predict that MercadoLibre, Inc. will post 35.79 earnings per share for the current fiscal 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.