Tuttle Capital Management LLC Invests $610,000 in MercadoLibre, Inc. $MELI

Tuttle Capital Management LLC purchased a new stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 261 shares of the company’s stock, valued at approximately $610,000. MercadoLibre makes up approximately 2.3% of Tuttle Capital Management LLC’s holdings, making the stock its 22nd biggest holding.

Several other hedge funds have also recently bought and sold shares of the business. Jennison Associates LLC grew its stake in MercadoLibre by 7.0% during the 2nd quarter. Jennison Associates LLC now owns 1,235,240 shares of the company’s stock valued at $3,228,460,000 after acquiring an additional 81,124 shares in the last quarter. Lavaca Capital LLC grew its position in MercadoLibre by 140,201.3% during the second quarter. Lavaca Capital LLC now owns 1,066,290 shares of the company’s stock valued at $2,786,888,000 after purchasing an additional 1,065,530 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in MercadoLibre by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 550,433 shares of the company’s stock valued at $1,073,823,000 after buying an additional 96,283 shares during the period. Generation Investment Management LLP lifted its position in MercadoLibre by 3.3% in the 1st quarter. Generation Investment Management LLP now owns 530,564 shares of the company’s stock worth $1,035,061,000 after buying an additional 16,878 shares in the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of MercadoLibre by 16.6% during the 2nd quarter. Schroder Investment Management Group now owns 521,833 shares of the company’s stock valued at $1,363,878,000 after buying an additional 74,201 shares during the period. 87.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MELI has been the subject of several recent research reports. Morgan Stanley increased their price objective on MercadoLibre from $2,850.00 to $2,950.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Cantor Fitzgerald dropped their price objective on MercadoLibre from $2,900.00 to $2,750.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Barclays lifted their target price on shares of MercadoLibre from $2,800.00 to $2,900.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Zacks Research upgraded shares of MercadoLibre from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 26th. Finally, UBS Group reduced their price objective on shares of MercadoLibre from $3,000.00 to $2,900.00 and set a “buy” rating for the company in a research note on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, MercadoLibre presently has a consensus rating of “Moderate Buy” and an average price target of $2,842.94.

Insider Buying and Selling

In other news, Director Emiliano Calemzuk sold 45 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $2,027.37, for a total transaction of $91,231.65. Following the transaction, the director owned 257 shares in the company, valued at approximately $521,034.09. The trade was a 14.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Henrique Vasoncelos Dubugras sold 845 shares of MercadoLibre stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $2,028.14, for a total value of $1,713,778.30. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,136 shares of company stock valued at $2,308,788. 0.25% of the stock is owned by company insiders.

MercadoLibre Stock Performance

Shares of MELI opened at $2,020.88 on Wednesday. The company has a market capitalization of $102.46 billion, a PE ratio of 49.31, a price-to-earnings-growth ratio of 1.50 and a beta of 1.42. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.17 and a quick ratio of 1.15. MercadoLibre, Inc. has a one year low of $1,698.53 and a one year high of $2,645.22. The company’s fifty day moving average price is $2,084.72 and its 200 day moving average price is $2,270.20.

MercadoLibre (NASDAQ:MELI) last released its earnings results on Wednesday, October 29th. The company reported $8.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.88 by ($1.56). MercadoLibre had a net margin of 7.93% and a return on equity of 39.03%. The business had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.19 billion. During the same period last year, the business earned $7.83 EPS. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, analysts expect that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

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.