Cidel Asset Management Inc. Cuts Stake in MercadoLibre, Inc. $MELI

Cidel Asset Management Inc. lessened its position in MercadoLibre, Inc. (NASDAQ:MELI) by 80.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,799 shares of the company’s stock after selling 7,520 shares during the period. Cidel Asset Management Inc.’s holdings in MercadoLibre were worth $3,111,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC bought a new stake in shares of MercadoLibre in the fourth quarter worth approximately $26,000. Transamerica Financial Advisors LLC bought a new position in MercadoLibre during the fourth quarter valued at approximately $26,000. Purpose Unlimited Inc. bought a new position in MercadoLibre during the fourth quarter valued at approximately $28,000. Darwin Wealth Management LLC purchased a new stake in MercadoLibre in the second quarter worth approximately $29,000. Finally, Curio Wealth LLC purchased a new stake in MercadoLibre in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MELI. Morgan Stanley cut their price objective on MercadoLibre from $2,600.00 to $2,450.00 and set an “overweight” rating for the company in a report on Monday, May 11th. Cantor Fitzgerald lowered their target price on MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Citigroup cut MercadoLibre from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $2,200.00 to $1,950.00 in a research report on Wednesday, May 13th. JPMorgan Chase & Co. cut their price target on MercadoLibre from $2,100.00 to $1,900.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. Finally, Daiwa Securities Group lowered shares of MercadoLibre from a “buy” rating to a “hold” rating and set a $1,800.00 price target for the company. in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2,255.33.

Insider Activity at MercadoLibre

In related news, Director Alejandro Nicolas Aguzin acquired 600 shares of the stock in a transaction dated Friday, May 22nd. The shares were purchased at an average cost of $1,655.93 per share, with a total value of $993,558.00. Following the transaction, the director directly owned 5,355 shares in the company, valued at approximately $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by company insiders.

MercadoLibre Price Performance

Shares of MercadoLibre stock opened at $1,583.66 on Wednesday. MercadoLibre, Inc. has a one year low of $1,495.00 and a one year high of $2,645.22. The stock’s fifty day moving average is $1,699.06 and its 200 day moving average is $1,850.99. The stock has a market cap of $80.29 billion, a P/E ratio of 41.80, a P/E/G ratio of 0.98 and a beta of 1.36. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.14 and a current ratio of 1.16.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Thursday, May 7th. The company reported $8.23 earnings per share for the quarter, missing the consensus estimate of $8.75 by ($0.52). The company had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. MercadoLibre’s revenue for the quarter was up 49.0% on a year-over-year basis. During the same quarter last year, the firm posted $9.74 earnings per share. Sell-side analysts anticipate that MercadoLibre, Inc. will post 40.97 earnings per share for the current year.

MercadoLibre Profile

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.