Parsons Capital Management Inc. RI Buys New Holdings in MercadoLibre, Inc. $MELI

Parsons Capital Management Inc. RI purchased a new position in shares of MercadoLibre, Inc. (NASDAQ:MELI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 100 shares of the company’s stock, valued at approximately $261,000.

A number of other hedge funds also recently made changes to their positions in MELI. Ninety One North America Inc. raised its position in MercadoLibre by 21.5% in the second quarter. Ninety One North America Inc. now owns 6,094 shares of the company’s stock worth $15,927,000 after purchasing an additional 1,080 shares in the last quarter. Banco Santander S.A. lifted its position in shares of MercadoLibre by 221.9% during the 1st quarter. Banco Santander S.A. now owns 2,746 shares of the company’s stock worth $5,357,000 after buying an additional 1,893 shares during the period. Prospect Financial Services LLC lifted its position in shares of MercadoLibre by 41.7% during the 1st quarter. Prospect Financial Services LLC now owns 340 shares of the company’s stock worth $663,000 after buying an additional 100 shares during the period. Stratos Investment Management LLC bought a new stake in MercadoLibre in the first quarter valued at $203,000. Finally, Bosman Wealth Management LLC grew its position in MercadoLibre by 88.5% in the second quarter. Bosman Wealth Management LLC now owns 1,001 shares of the company’s stock valued at $2,616,000 after acquiring an additional 470 shares during the period. Institutional investors and hedge funds own 87.62% of the company’s stock.

MercadoLibre Stock Performance

Shares of MercadoLibre stock opened at $2,172.75 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.20 and a quick ratio of 1.18. The firm has a 50 day simple moving average of $2,382.29 and a 200 day simple moving average of $2,341.63. MercadoLibre, Inc. has a fifty-two week low of $1,646.00 and a fifty-two week high of $2,645.22. The firm has a market cap of $110.16 billion, a P/E ratio of 53.66, a P/E/G ratio of 1.49 and a beta of 1.46.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MELI. Jefferies Financial Group reissued a “hold” rating and set a $2,800.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Barclays cut their price target on shares of MercadoLibre from $3,100.00 to $3,000.00 and set an “overweight” rating for the company in a report on Wednesday, July 23rd. Scotiabank initiated coverage on shares of MercadoLibre in a research note on Monday, July 28th. They set a “sector outperform” rating and a $3,500.00 price objective on the stock. Susquehanna reiterated a “positive” rating and issued a $2,975.00 target price (up previously from $2,840.00) on shares of MercadoLibre in a research note on Thursday, June 26th. Finally, Citigroup reduced their target price on MercadoLibre from $2,900.00 to $2,850.00 and set a “buy” rating on the stock in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, MercadoLibre presently has a consensus rating of “Moderate Buy” and an average price target of $2,822.78.

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.