Jennison Associates LLC Raises Stock Position in MercadoLibre, Inc. $MELI

Jennison Associates LLC increased its position in MercadoLibre, Inc. (NASDAQ:MELI) by 7.0% during the second quarter, Holdings Channel reports. The firm owned 1,235,240 shares of the company’s stock after buying an additional 81,124 shares during the quarter. MercadoLibre makes up approximately 1.9% of Jennison Associates LLC’s portfolio, making the stock its 10th largest holding. Jennison Associates LLC’s holdings in MercadoLibre were worth $3,228,460,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Key Financial Inc bought a new stake in shares of MercadoLibre in the 1st quarter valued at about $25,000. GW&K Investment Management LLC bought a new stake in shares of MercadoLibre in the 1st quarter valued at about $25,000. Close Asset Management Ltd raised its holdings in shares of MercadoLibre by 366.7% in the 1st 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 period. Highline Wealth Partners LLC raised its holdings in shares of MercadoLibre by 366.7% in the 2nd quarter. Highline Wealth Partners LLC now owns 14 shares of the company’s stock valued at $37,000 after purchasing an additional 11 shares during the period. Finally, Brooklyn Investment Group raised its holdings in shares of MercadoLibre by 650.0% in the 1st quarter. Brooklyn Investment Group now owns 15 shares of the company’s stock valued at $29,000 after purchasing an additional 13 shares during the period. 87.62% of the stock is owned by institutional investors.

MercadoLibre Stock Performance

Shares of NASDAQ:MELI opened at $2,290.14 on Wednesday. The company’s 50 day moving average price is $2,312.95 and its two-hundred day moving average price is $2,366.69. MercadoLibre, Inc. has a 12-month low of $1,646.00 and a 12-month high of $2,645.22. The firm has a market cap of $116.11 billion, a PE ratio of 56.56, a PEG ratio of 1.55 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 0.61.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings results on Monday, August 4th. The company reported $10.31 earnings per share for the quarter, missing analysts’ consensus estimates of $12.01 by ($1.70). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. During the same period last year, the company posted $10.48 EPS. The business’s revenue was up 33.8% on a year-over-year basis. Equities research analysts predict that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

Analyst Ratings Changes

MELI has been the topic of a number of research reports. Benchmark reiterated a “buy” rating and issued a $2,875.00 price target on shares of MercadoLibre in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of MercadoLibre in a research note on Wednesday, October 8th. Scotiabank initiated coverage on shares of MercadoLibre in a research note on Monday, July 28th. They issued a “sector outperform” rating and a $3,500.00 price target on the stock. Cantor Fitzgerald upped their price target on shares of MercadoLibre from $2,700.00 to $2,900.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of MercadoLibre from $2,700.00 to $2,600.00 and set a “neutral” rating on the stock in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,799.12.

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.