Global X Japan Co. Ltd. Increases Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Global X Japan Co. Ltd. grew its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 20.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,352 shares of the company’s stock after acquiring an additional 906 shares during the quarter. MercadoLibre comprises about 1.4% of Global X Japan Co. Ltd.’s investment portfolio, making the stock its 22nd biggest holding. Global X Japan Co. Ltd.’s holdings in MercadoLibre were worth $10,982,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in MELI. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of MercadoLibre by 1,600.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after purchasing an additional 16 shares during the period. Optimum Investment Advisors lifted its stake in shares of MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after purchasing an additional 15 shares during the period. Financial Connections Group Inc. bought a new position in shares of MercadoLibre in the 2nd quarter worth approximately $36,000. Quarry LP bought a new position in shares of MercadoLibre in the 2nd quarter worth approximately $43,000. Finally, NBC Securities Inc. lifted its stake in shares of MercadoLibre by 35.0% in the 3rd quarter. NBC Securities Inc. now owns 27 shares of the company’s stock worth $55,000 after purchasing an additional 7 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Trading Down 1.6 %

MELI stock opened at $2,067.82 on Wednesday. The firm has a fifty day moving average price of $2,041.70 and a 200 day moving average price of $1,774.03. MercadoLibre, Inc. has a fifty-two week low of $1,141.04 and a fifty-two week high of $2,161.73. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28. The firm has a market cap of $104.83 billion, a PE ratio of 92.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Thursday, August 1st. The company reported $10.48 earnings per share for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $4.64 billion. During the same period last year, the firm posted $5.16 earnings per share. MercadoLibre’s revenue for the quarter was up 41.5% compared to the same quarter last year. Sell-side analysts anticipate that MercadoLibre, Inc. will post 37.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MELI. Morgan Stanley increased their price objective on shares of MercadoLibre from $2,175.00 to $2,500.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Barclays increased their price objective on shares of MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Susquehanna raised their target price on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research note on Wednesday, August 28th. Finally, BTIG Research raised their target price on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, MercadoLibre currently has a consensus rating of “Moderate Buy” and an average price target of $2,301.67.

About MercadoLibre

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.