SteelPeak Wealth LLC Invests $987,000 in MercadoLibre, Inc. $MELI

SteelPeak Wealth LLC bought a new position in MercadoLibre, Inc. (NASDAQ:MELI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 490 shares of the company’s stock, valued at approximately $987,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MELI. Weitz Investment Management Inc. acquired a new stake in shares of MercadoLibre in the third quarter worth $8,647,000. Barlow Wealth Partners Inc. lifted its holdings in shares of MercadoLibre by 126.7% during the 3rd quarter. Barlow Wealth Partners Inc. now owns 11,505 shares of the company’s stock valued at $26,886,000 after acquiring an additional 6,429 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in MercadoLibre by 14.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 86,699 shares of the company’s stock worth $202,610,000 after purchasing an additional 10,849 shares during the period. Principal Financial Group Inc. increased its holdings in MercadoLibre by 18.7% in the 3rd quarter. Principal Financial Group Inc. now owns 48,103 shares of the company’s stock valued at $112,414,000 after purchasing an additional 7,570 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in MercadoLibre by 5.5% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 11,560 shares of the company’s stock valued at $27,015,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 87.62% of the company’s stock.

Analysts Set New Price Targets

MELI has been the topic of a number of recent research reports. UBS Group reduced their price objective on MercadoLibre from $2,900.00 to $2,700.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. BTIG Research lowered their target price on MercadoLibre from $2,650.00 to $2,400.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Itau BBA Securities reiterated an “outperform” rating on shares of MercadoLibre in a report on Wednesday, February 25th. Weiss Ratings lowered MercadoLibre from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, January 8th. Finally, Morgan Stanley decreased their price target on MercadoLibre from $2,800.00 to $2,600.00 and set an “overweight” rating for the company in a report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $2,708.67.

MercadoLibre Stock Performance

NASDAQ:MELI opened at $1,715.52 on Monday. The firm has a 50-day moving average of $1,861.92 and a two-hundred day moving average of $2,039.18. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.17 and a quick ratio of 1.15. The stock has a market cap of $86.98 billion, a P/E ratio of 43.54, a PEG ratio of 0.90 and a beta of 1.49. MercadoLibre, Inc. has a 1-year low of $1,593.21 and a 1-year high of $2,645.22.

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

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.