KLP Kapitalforvaltning AS Makes New Investment in MercadoLibre, Inc. (NASDAQ:MELI)

KLP Kapitalforvaltning AS acquired a new stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 15,400 shares of the company's stock, valued at approximately $26,187,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC boosted its holdings in MercadoLibre by 18.6% in the third quarter. FMR LLC now owns 878,996 shares of the company's stock valued at $1,803,665,000 after acquiring an additional 137,564 shares during the last quarter. State Street Corp boosted its stake in shares of MercadoLibre by 3.1% in the 3rd quarter. State Street Corp now owns 404,584 shares of the company's stock valued at $830,190,000 after purchasing an additional 12,000 shares during the last quarter. Wellington Management Group LLP grew its position in shares of MercadoLibre by 52.9% during the 3rd quarter. Wellington Management Group LLP now owns 349,678 shares of the company's stock worth $717,525,000 after buying an additional 120,922 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of MercadoLibre during the fourth quarter worth approximately $565,306,000. Finally, Royal London Asset Management Ltd. lifted its holdings in MercadoLibre by 8.9% in the fourth quarter. Royal London Asset Management Ltd. now owns 257,717 shares of the company's stock valued at $438,232,000 after buying an additional 21,063 shares during the period. 87.62% of the stock is owned by institutional investors and hedge funds.

MercadoLibre Stock Performance

Shares of MELI traded up $56.99 during midday trading on Tuesday, reaching $2,191.30. The stock had a trading volume of 429,003 shares, compared to its average volume of 363,563. The firm has a market cap of $111.09 billion, a PE ratio of 58.12, a P/E/G ratio of 1.12 and a beta of 1.64. The firm has a 50 day simple moving average of $2,005.48 and a 200-day simple moving average of $1,971.33. MercadoLibre, Inc. has a one year low of $1,324.99 and a one year high of $2,374.54. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78.

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MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $12.61 earnings per share for the quarter, topping analysts' consensus estimates of $10.21 by $2.40. The firm had revenue of $6.06 billion for the quarter, compared to the consensus estimate of $5.94 billion. MercadoLibre had a return on equity of 51.89% and a net margin of 9.20%. As a group, sell-side analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Susquehanna upped their target price on shares of MercadoLibre from $2,350.00 to $2,760.00 and gave the company a "positive" rating in a research report on Friday, February 21st. Bank of America increased their target price on MercadoLibre from $2,500.00 to $3,000.00 and gave the company a "buy" rating in a research note on Friday, February 21st. New Street Research upgraded MercadoLibre from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $2,000.00 to $2,300.00 in a research report on Thursday, January 30th. The Goldman Sachs Group increased their target price on shares of MercadoLibre from $2,400.00 to $2,750.00 and gave the stock a "buy" rating in a report on Monday, March 3rd. Finally, Cantor Fitzgerald lifted their price objective on MercadoLibre from $2,150.00 to $3,000.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $2,402.81.

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.