Cornerstone Advisors LLC Invests $10.75 Million in MercadoLibre, Inc. $MELI

Cornerstone Advisors LLC bought a new stake in MercadoLibre, Inc. (NASDAQ:MELI) in the second quarter, HoldingsChannel reports. The fund bought 6,331 shares of the company’s stock, valued at approximately $10,746,000.

Several other hedge funds have also modified their holdings of MELI. Capital Research Global Investors boosted its stake in shares of MercadoLibre by 22.5% in the fourth quarter. Capital Research Global Investors now owns 2,225,031 shares of the company’s stock valued at $4,481,812,000 after purchasing an additional 408,939 shares during the period. Capital International Investors increased its stake in MercadoLibre by 7.3% during the 4th quarter. Capital International Investors now owns 1,725,125 shares of the company’s stock worth $3,474,880,000 after buying an additional 118,018 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in MercadoLibre by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,583,071 shares of the company’s stock worth $3,188,718,000 after buying an additional 137,100 shares in the last quarter. BlackRock Inc. acquired a new position in MercadoLibre in the 2nd quarter worth $2,246,015,000. Finally, Janus Henderson Group PLC boosted its position in MercadoLibre by 1.7% in the 1st quarter. Janus Henderson Group PLC now owns 614,238 shares of the company’s stock valued at $1,062,019,000 after buying an additional 10,142 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MELI has been the subject of several recent analyst reports. Raymond James Financial set a $2,000.00 target price on MercadoLibre in a research note on Friday, May 8th. Morgan Stanley reduced their price target 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 raised their price objective on MercadoLibre from $2,150.00 to $2,300.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Daiwa Securities Group lowered MercadoLibre from a “buy” rating to a “hold” rating and set a $1,800.00 price objective for the company. in a research note on Friday, May 8th. Finally, UBS Group dropped their price objective on MercadoLibre from $2,050.00 to $1,750.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,272.00.

MercadoLibre Price Performance

Shares of MELI stock opened at $1,787.57 on Tuesday. The firm has a fifty day moving average of $1,770.98 and a two-hundred day moving average of $1,782.12. The firm has a market cap of $90.63 billion, a P/E ratio of 48.61, a P/E/G ratio of 1.26 and a beta of 1.34. MercadoLibre, Inc. has a 1-year low of $1,495.00 and a 1-year high of $2,548.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.12 and a quick ratio of 1.10.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Wednesday, August 5th. The company reported $9.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.65 by $0.54. MercadoLibre had a net margin of 5.30% and a return on equity of 26.54%. The business had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.79 billion. During the same quarter in the prior year, the business posted $10.31 EPS. The company’s revenue for the quarter was up 49.8% on a year-over-year basis. As a group, research analysts anticipate that MercadoLibre, Inc. will post 39.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Alejandro Nicolas Aguzin acquired 600 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was purchased at an average cost of $1,655.93 per share, with a total value of $993,558.00. Following the completion of the acquisition, the director directly owned 5,355 shares in the company, valued at $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

MercadoLibre Company 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.