MercadoLibre, Inc. (NASDAQ:MELI) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its position in MercadoLibre, Inc. (NASDAQ:MELI) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,297 shares of the company’s stock after selling 18 shares during the quarter. Corebridge Financial Inc.’s holdings in MercadoLibre were worth $5,606,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC acquired a new position in shares of MercadoLibre in the fourth quarter worth about $565,306,000. Strategic Financial Concepts LLC raised its position in shares of MercadoLibre by 169,952.3% in the 4th quarter. Strategic Financial Concepts LLC now owns 181,956 shares of the company’s stock valued at $309,405,000 after purchasing an additional 181,849 shares in the last quarter. Wellington Management Group LLP boosted its stake 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 valued at $717,525,000 after buying an additional 120,922 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of MercadoLibre during the third quarter worth approximately $114,417,000. Finally, Coronation Fund Managers Ltd. increased its stake in shares of MercadoLibre by 130.3% in the fourth quarter. Coronation Fund Managers Ltd. now owns 77,478 shares of the company’s stock worth $131,747,000 after buying an additional 43,836 shares during the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MELI shares. Raymond James raised shares of MercadoLibre from an “outperform” rating to a “strong-buy” rating and set a $2,250.00 price objective for the company in a report on Tuesday, January 21st. Cantor Fitzgerald boosted 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. Susquehanna increased their target price on MercadoLibre from $2,350.00 to $2,760.00 and gave the stock a “positive” rating in a report on Friday, February 21st. Bank of America boosted their price target on MercadoLibre from $2,500.00 to $3,000.00 and gave the company a “buy” rating in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. raised their price objective on MercadoLibre from $1,950.00 to $2,300.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $2,402.81.

MercadoLibre Stock Performance

Shares of MELI stock opened at $2,048.07 on Friday. MercadoLibre, Inc. has a 12-month low of $1,324.99 and a 12-month high of $2,374.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22. The firm has a market capitalization of $103.83 billion, a price-to-earnings ratio of 54.33, a price-to-earnings-growth ratio of 1.12 and a beta of 1.64. The business has a 50 day simple moving average of $2,028.39 and a 200 day simple moving average of $1,974.17.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings results on Thursday, February 20th. The company reported $12.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.21 by $2.40. MercadoLibre had a return on equity of 51.89% and a net margin of 9.20%. The company had revenue of $6.06 billion during the quarter, compared to analysts’ expectations of $5.94 billion. On average, equities research analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

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.