Principal Financial Group Inc. boosted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 20.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 59,430 shares of the company's stock after purchasing an additional 10,272 shares during the period. Principal Financial Group Inc. owned about 0.12% of MercadoLibre worth $121,948,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MELI. Raymond James Financial Services Advisors Inc. increased its holdings in shares of MercadoLibre by 2.7% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 7,438 shares of the company's stock worth $12,224,000 after buying an additional 194 shares during the last quarter. &PARTNERS purchased a new stake in MercadoLibre during the second quarter valued at approximately $281,000. Institute for Wealth Management LLC. raised its position in shares of MercadoLibre by 53.4% in the 2nd quarter. Institute for Wealth Management LLC. now owns 336 shares of the company's stock valued at $552,000 after purchasing an additional 117 shares during the last quarter. Aries Wealth Management purchased a new stake in MercadoLibre in the second quarter valued at approximately $329,000. Finally, First Heartland Consultants Inc. lifted its holdings in shares of MercadoLibre by 15.0% in the 2nd quarter. First Heartland Consultants Inc. now owns 498 shares of the company's stock valued at $818,000 after buying an additional 65 shares during the period. Hedge funds and other institutional investors own 87.62% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on MELI shares. Raymond James assumed coverage on MercadoLibre in a research note on Friday, September 27th. They issued an "outperform" rating and a $2,350.00 price target on the stock. Susquehanna upped their target price on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a "positive" rating in a research note on Wednesday, August 28th. Wedbush reiterated an "outperform" rating and issued a $2,200.00 price objective (up previously from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Barclays reduced their price target on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an "overweight" rating for the company in a research report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. decreased their price target on MercadoLibre from $2,400.00 to $2,150.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, MercadoLibre currently has an average rating of "Moderate Buy" and an average target price of $2,267.67.
Check Out Our Latest Report on MELI
Insiders Place Their Bets
In other news, Director Emiliano Calemzuk sold 50 shares of the company's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,984.98, for a total value of $99,249.00. Following the completion of the transaction, the director now owns 238 shares of the company's stock, valued at $472,425.24. This represents a 17.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.06% of the company's stock.
MercadoLibre Price Performance
NASDAQ:MELI opened at $1,720.36 on Friday. MercadoLibre, Inc. has a one year low of $1,324.99 and a one year high of $2,161.73. The company has a market cap of $87.22 billion, a P/E ratio of 60.70, a P/E/G ratio of 1.29 and a beta of 1.57. The firm's fifty day moving average price is $1,963.98 and its two-hundred day moving average price is $1,881.58. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22.
MercadoLibre Profile
(
Free Report)
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.
Further Reading
Before you consider MercadoLibre, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and MercadoLibre wasn't on the list.
While MercadoLibre currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
