MercadoLibre, Inc. $MELI Position Boosted by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. lifted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 3.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,233 shares of the company’s stock after purchasing an additional 79 shares during the quarter. Avantax Advisory Services Inc.’s holdings in MercadoLibre were worth $5,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in MELI. Glaxis Capital Management LLC purchased a new stake in MercadoLibre in the 2nd quarter worth approximately $1,307,000. Intech Investment Management LLC grew its holdings in shares of MercadoLibre by 9.3% during the 2nd quarter. Intech Investment Management LLC now owns 3,128 shares of the company’s stock valued at $8,175,000 after acquiring an additional 267 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of MercadoLibre by 13.3% in the second quarter. Cetera Investment Advisers now owns 6,951 shares of the company’s stock worth $18,168,000 after acquiring an additional 817 shares during the last quarter. Meridian Wealth Management LLC increased its stake in shares of MercadoLibre by 22.8% in the second quarter. Meridian Wealth Management LLC now owns 178 shares of the company’s stock worth $465,000 after acquiring an additional 33 shares during the last quarter. Finally, Opinicus Capital Inc. purchased a new stake in shares of MercadoLibre during the second quarter worth $248,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Price Performance

NASDAQ MELI opened at $2,058.81 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. The company has a fifty day simple moving average of $2,244.58 and a 200 day simple moving average of $2,369.78. The company has a market cap of $104.38 billion, a P/E ratio of 50.24, a P/E/G ratio of 1.56 and a beta of 1.51. MercadoLibre, Inc. has a 1 year low of $1,646.00 and a 1 year high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Wednesday, October 29th. The company reported $8.32 EPS for the quarter, missing the consensus estimate of $9.88 by ($1.56). The firm had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.19 billion. MercadoLibre had a return on equity of 41.35% and a net margin of 7.93%.The business’s revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business earned $7.83 EPS. On average, sell-side analysts predict that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on MELI. Cantor Fitzgerald lowered their target price on MercadoLibre from $2,900.00 to $2,750.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MercadoLibre in a research note on Friday, October 31st. Daiwa Capital Markets began coverage on MercadoLibre in a research note on Friday, August 1st. They issued a “buy” rating and a $3,000.00 price target for the company. Raymond James Financial restated a “strong-buy” rating and issued a $2,750.00 price objective on shares of MercadoLibre in a report on Tuesday, August 5th. Finally, Susquehanna cut their price objective on shares of MercadoLibre from $2,975.00 to $2,900.00 and set a “positive” rating on the stock in a research report on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,854.71.

MercadoLibre Company 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.