Granite Group Advisors LLC Sells 56 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Granite Group Advisors LLC cut its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 32.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 119 shares of the company’s stock after selling 56 shares during the period. Granite Group Advisors LLC’s holdings in MercadoLibre were worth $244,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Raymond James & Associates boosted its holdings in shares of MercadoLibre by 4.8% in the 2nd quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock valued at $57,256,000 after buying an additional 1,604 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in MercadoLibre by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,642 shares of the company’s stock valued at $41,794,000 after acquiring an additional 4,658 shares in the last quarter. Caprock Group LLC grew its holdings in MercadoLibre by 143.7% in the second quarter. Caprock Group LLC now owns 580 shares of the company’s stock worth $955,000 after purchasing an additional 342 shares during the last quarter. Sarasin & Partners LLP grew its stake in MercadoLibre by 168.5% during the 2nd quarter. Sarasin & Partners LLP now owns 45,407 shares of the company’s stock worth $74,622,000 after buying an additional 28,494 shares during the last quarter. Finally, Privium Fund Management UK Ltd purchased a new stake in shares of MercadoLibre during the second quarter worth about $875,000. Institutional investors own 87.62% of the company’s stock.

MercadoLibre Price Performance

NASDAQ:MELI traded up $53.60 during trading hours on Friday, reaching $1,827.65. 327,145 shares of the company were exchanged, compared to its average volume of 357,674. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. The firm has a market cap of $92.66 billion, a PE ratio of 64.11, a price-to-earnings-growth ratio of 1.26 and a beta of 1.61. MercadoLibre, Inc. has a twelve month low of $1,324.99 and a twelve month high of $2,161.73. The stock’s 50-day moving average is $2,055.08 and its 200-day moving average is $1,819.36.

MercadoLibre (NASDAQ:MELI) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $7.83 earnings per share for the quarter, missing analysts’ consensus estimates of $11.27 by ($3.44). MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.25 billion. On average, sell-side analysts anticipate that MercadoLibre, Inc. will post 37.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MELI has been the topic of several research reports. Wedbush reissued an “outperform” rating and issued a $2,200.00 target price (up from $2,000.00) on shares of MercadoLibre in a research report on Thursday. Citigroup upped their price objective on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group raised their target price on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Cantor Fitzgerald cut their price target on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. cut MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 price objective for the company. in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, MercadoLibre currently has an average rating of “Moderate Buy” and a consensus price target of $2,309.67.

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.