Bank of Nova Scotia Boosts Holdings in MercadoLibre, Inc. $MELI

Bank of Nova Scotia boosted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 27.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,263 shares of the company’s stock after acquiring an additional 2,427 shares during the period. Bank of Nova Scotia’s holdings in MercadoLibre were worth $26,320,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MELI. Darwin Wealth Management LLC bought a new position in shares of MercadoLibre during the 2nd quarter valued at approximately $29,000. Steigerwald Gordon & Koch Inc. bought a new stake in shares of MercadoLibre in the 3rd quarter worth approximately $35,000. Cullen Frost Bankers Inc. raised its holdings in shares of MercadoLibre by 100.0% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 16 shares of the company’s stock worth $37,000 after purchasing an additional 8 shares during the period. Rothschild Investment LLC lifted its stake in MercadoLibre by 35.7% in the third quarter. Rothschild Investment LLC now owns 19 shares of the company’s stock valued at $44,000 after purchasing an additional 5 shares during the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new position in MercadoLibre in the third quarter valued at approximately $47,000. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MELI has been the subject of a number of recent research reports. Zacks Research raised MercadoLibre from a “strong sell” rating to a “hold” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. cut MercadoLibre from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $2,650.00 to $2,100.00 in a research report on Thursday, March 12th. Barclays cut their price target on MercadoLibre from $2,900.00 to $2,600.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. BTIG Research decreased their price objective on MercadoLibre from $2,750.00 to $2,650.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Finally, Wedbush lowered their price objective on MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, MercadoLibre presently has an average rating of “Moderate Buy” and a consensus price target of $2,725.33.

MercadoLibre Stock Up 3.7%

MercadoLibre stock opened at $1,732.33 on Tuesday. The firm has a 50 day simple moving average of $1,987.89 and a 200 day simple moving average of $2,110.20. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68. MercadoLibre, Inc. has a 1-year low of $1,631.18 and a 1-year high of $2,645.22. The firm has a market capitalization of $87.83 billion, a price-to-earnings ratio of 43.97, a P/E/G ratio of 0.89 and a beta of 1.48.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Tuesday, February 24th. The company reported $11.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.66 by ($0.63). MercadoLibre had a return on equity of 33.73% and a net margin of 6.91%.The company had revenue of $8.76 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the prior year, the company earned $12.61 EPS. The company’s revenue was up 44.6% on a year-over-year basis. On average, analysts predict that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

MercadoLibre 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.