Connective Capital Management LLC trimmed its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI – Free Report) by 33.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 830 shares of the company’s stock after selling 419 shares during the quarter. MercadoLibre accounts for approximately 1.0% of Connective Capital Management LLC’s investment portfolio, making the stock its 18th largest holding. Connective Capital Management LLC’s holdings in MercadoLibre were worth $1,409,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. Transamerica Financial Advisors LLC bought a new stake in MercadoLibre during the 4th quarter valued at about $26,000. Purpose Unlimited Inc. bought a new stake in shares of MercadoLibre during the fourth quarter valued at approximately $28,000. Wedbush Fund Advisers LLC purchased a new stake in shares of MercadoLibre in the second quarter valued at approximately $29,000. Darwin Wealth Management LLC bought a new position in MercadoLibre in the second quarter worth approximately $29,000. Finally, Curio Wealth LLC purchased a new position in MercadoLibre during the 4th quarter worth $30,000. 87.62% of the stock is owned by hedge funds and other institutional investors.
MercadoLibre Stock Down 2.6%
NASDAQ:MELI traded down $52.11 during mid-day trading on Tuesday, hitting $1,926.25. 351,259 shares of the company’s stock traded hands, compared to its average volume of 524,563. The company has a fifty day moving average of $1,865.34 and a 200 day moving average of $1,769.47. MercadoLibre, Inc. has a twelve month low of $1,495.00 and a twelve month high of $2,548.50. The company has a market capitalization of $97.66 billion, a P/E ratio of 52.39, a P/E/G ratio of 1.36 and a beta of 1.31. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.10 and a current ratio of 1.12.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on MELI shares. The Goldman Sachs Group set a $2,100.00 target price on MercadoLibre in a report on Wednesday, May 13th. UBS Group decreased their price objective on MercadoLibre from $2,050.00 to $1,750.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. JPMorgan Chase & Co. upped their price objective on shares of MercadoLibre from $1,900.00 to $2,150.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Barclays dropped their target price on shares of MercadoLibre from $2,500.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Monday, May 11th. Finally, Citigroup boosted their price target on shares of MercadoLibre from $1,950.00 to $2,000.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,272.00.
Get Our Latest Stock Analysis on MercadoLibre
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.
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