Bank of Nova Scotia Has $14.98 Million Position in MercadoLibre, Inc. (NASDAQ:MELI)

Bank of Nova Scotia reduced its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 10.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,682 shares of the company’s stock after selling 901 shares during the quarter. Bank of Nova Scotia’s holdings in MercadoLibre were worth $14,983,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in MELI. Key Financial Inc acquired a new stake in shares of MercadoLibre in the first quarter valued at about $25,000. GW&K Investment Management LLC acquired a new stake in shares of MercadoLibre in the first quarter valued at about $25,000. Park Square Financial Group LLC acquired a new stake in shares of MercadoLibre in the fourth quarter valued at about $26,000. Covestor Ltd acquired a new stake in shares of MercadoLibre in the fourth quarter valued at about $27,000. Finally, Close Asset Management Ltd grew its position in shares of MercadoLibre by 366.7% in the first quarter. Close Asset Management Ltd now owns 14 shares of the company’s stock valued at $27,000 after purchasing an additional 11 shares during the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MELI shares. Wall Street Zen downgraded MercadoLibre from a “buy” rating to a “hold” rating in a research report on Sunday, June 22nd. Citigroup reissued a “buy” rating on shares of MercadoLibre in a research report on Friday, June 6th. The Goldman Sachs Group lifted their target price on MercadoLibre from $2,640.00 to $3,000.00 and gave the stock a “buy” rating in a research report on Wednesday, May 14th. UBS Group set a $3,000.00 target price on MercadoLibre in a research report on Monday, June 2nd. Finally, JPMorgan Chase & Co. lifted their target price on MercadoLibre from $2,250.00 to $2,600.00 and gave the stock a “neutral” rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2,707.50.

MercadoLibre Stock Up 0.1%

Shares of MELI opened at $2,375.92 on Monday. The stock has a market cap of $120.46 billion, a price-to-earnings ratio of 58.43, a P/E/G ratio of 1.41 and a beta of 1.46. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.57. MercadoLibre, Inc. has a 12 month low of $1,646.00 and a 12 month high of $2,645.22. The company has a 50-day moving average price of $2,455.84 and a two-hundred day moving average price of $2,229.19.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $9.74 EPS for the quarter, topping analysts’ consensus estimates of $7.82 by $1.92. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.55 billion. MercadoLibre had a net margin of 9.21% and a return on equity of 48.46%. The company’s revenue for the quarter was up 37.0% compared to the same quarter last year. During the same quarter last year, the company earned $6.78 earnings per share. Equities analysts predict that MercadoLibre, Inc. will post 43.96 EPS 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.