MercadoLibre, Inc. $MELI Holdings Cut by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 23.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,003 shares of the company’s stock after selling 3,107 shares during the period. CIBC Asset Management Inc’s holdings in MercadoLibre were worth $20,149,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Assenagon Asset Management S.A. grew its stake in MercadoLibre by 803.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 333,455 shares of the company’s stock valued at $671,665,000 after buying an additional 296,543 shares during the last quarter. Norges Bank acquired a new position in MercadoLibre during the 4th quarter worth $597,045,000. Baillie Gifford & Co. boosted its holdings in MercadoLibre by 4.9% during the fourth quarter. Baillie Gifford & Co. now owns 3,481,563 shares of the company’s stock valued at $7,012,773,000 after acquiring an additional 164,120 shares during the period. Wellington Management Group LLP boosted its holdings in MercadoLibre by 28.4% during the third quarter. Wellington Management Group LLP now owns 493,770 shares of the company’s stock valued at $1,153,911,000 after acquiring an additional 109,228 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of MercadoLibre by 29.0% in the third quarter. Franklin Resources Inc. now owns 418,002 shares of the company’s stock valued at $976,846,000 after purchasing an additional 93,854 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MELI has been the topic of a number of recent analyst reports. Wedbush dropped their price objective on MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. Citigroup downgraded MercadoLibre from a “buy” rating to a “neutral” rating and decreased their target price for the company from $2,200.00 to $1,950.00 in a research note on Wednesday, May 13th. JPMorgan Chase & Co. lowered their target price on MercadoLibre from $2,100.00 to $1,900.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. BTIG Research reaffirmed a “buy” rating and issued a $2,150.00 price target on shares of MercadoLibre in a research report on Tuesday. Finally, The Goldman Sachs Group set a $2,100.00 price target on MercadoLibre in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2,255.33.

MercadoLibre Trading Down 0.2%

Shares of MELI opened at $1,634.78 on Friday. MercadoLibre, Inc. has a 12-month low of $1,495.00 and a 12-month high of $2,645.22. The company has a quick ratio of 1.14, a current ratio of 1.16 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $82.88 billion, a price-to-earnings ratio of 43.15, a P/E/G ratio of 1.01 and a beta of 1.36. The stock’s 50-day moving average price is $1,721.45 and its 200 day moving average price is $1,889.82.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Thursday, May 7th. The company reported $8.23 EPS for the quarter, missing analysts’ consensus estimates of $8.75 by ($0.52). MercadoLibre had a return on equity of 29.58% and a net margin of 6.04%.The firm had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the business posted $9.74 EPS. MercadoLibre’s revenue was up 49.0% compared to the same quarter last year. As a group, research analysts predict that MercadoLibre, Inc. will post 40.97 earnings per share for the current year.

Insider Activity at MercadoLibre

In other news, Director Alejandro Nicolas Aguzin bought 600 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average cost of $1,655.93 per share, for a total transaction of $993,558.00. Following the completion of the purchase, the director owned 5,355 shares of the company’s stock, valued at $8,867,505.15. This trade represents a 12.62% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.26% of the company’s stock.

About MercadoLibre

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.