Pier 88 Investment Partners LLC Sells 1,753 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Pier 88 Investment Partners LLC cut its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 75.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 560 shares of the company’s stock after selling 1,753 shares during the period. Pier 88 Investment Partners LLC’s holdings in MercadoLibre were worth $952,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in MELI. Arrowstreet Capital Limited Partnership raised its position in MercadoLibre by 0.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 545,292 shares of the company’s stock worth $927,239,000 after acquiring an additional 2,048 shares in the last quarter. Schroder Investment Management Group increased its stake in shares of MercadoLibre by 9.4% during the 4th quarter. Schroder Investment Management Group now owns 443,156 shares of the company’s stock worth $753,560,000 after purchasing an additional 38,261 shares during the last quarter. State Street Corp lifted its stake in MercadoLibre by 3.1% in the 3rd quarter. State Street Corp now owns 404,584 shares of the company’s stock valued at $830,190,000 after purchasing an additional 12,000 shares during the last quarter. Wellington Management Group LLP grew its holdings in MercadoLibre by 8.9% during the fourth quarter. Wellington Management Group LLP now owns 380,956 shares of the company’s stock worth $647,793,000 after purchasing an additional 31,278 shares during the period. Finally, Wealthfront Advisers LLC acquired a new position in MercadoLibre during the fourth quarter worth approximately $565,306,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MELI shares. Cantor Fitzgerald raised their price objective on MercadoLibre from $2,150.00 to $3,000.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Wedbush reduced their price objective on shares of MercadoLibre from $2,200.00 to $2,100.00 and set an “outperform” rating for the company in a research report on Monday, January 6th. Bank of America increased their price objective on shares of MercadoLibre from $2,500.00 to $3,000.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Susquehanna lifted their target price on shares of MercadoLibre from $2,350.00 to $2,760.00 and gave the stock a “positive” rating in a report on Friday, February 21st. Finally, The Goldman Sachs Group increased their price target on shares of MercadoLibre from $2,400.00 to $2,750.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $2,402.81.

MercadoLibre Stock Performance

MELI opened at $2,048.07 on Monday. The firm has a market cap of $103.83 billion, a P/E ratio of 54.33, a price-to-earnings-growth ratio of 1.12 and a beta of 1.64. The business’s fifty day moving average is $2,028.39 and its 200-day moving average is $1,973.66. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,374.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Thursday, February 20th. The company reported $12.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.21 by $2.40. The firm had revenue of $6.06 billion for the quarter, compared to the consensus estimate of $5.94 billion. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. Sell-side analysts expect that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

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.