Advisors Asset Management Inc. Sells 23 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Advisors Asset Management Inc. cut its holdings in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 7.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 289 shares of the company’s stock after selling 23 shares during the period. Advisors Asset Management Inc.’s holdings in MercadoLibre were worth $593,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MELI. Jennison Associates LLC raised its holdings in shares of MercadoLibre by 3.9% in the 3rd quarter. Jennison Associates LLC now owns 1,873,919 shares of the company’s stock valued at $3,845,207,000 after purchasing an additional 70,154 shares during the period. Legal & General Group Plc raised its holdings in shares of MercadoLibre by 3.6% in the 2nd quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock valued at $531,755,000 after purchasing an additional 11,265 shares during the period. Royal London Asset Management Ltd. raised its holdings in shares of MercadoLibre by 17.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 277,206 shares of the company’s stock valued at $455,560,000 after purchasing an additional 40,361 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of MercadoLibre by 12.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 258,455 shares of the company’s stock valued at $424,745,000 after purchasing an additional 27,832 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of MercadoLibre by 205,108.3% in the 3rd quarter. International Assets Investment Management LLC now owns 248,302 shares of the company’s stock valued at $509,506,000 after purchasing an additional 248,181 shares during the period. 87.62% of the stock is owned by institutional investors.

MercadoLibre Stock Performance

NASDAQ MELI opened at $2,044.76 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $103.67 billion, a price-to-earnings ratio of 72.15, a P/E/G ratio of 1.43 and a beta of 1.61. The firm’s 50 day simple moving average is $2,024.62 and its 200 day simple moving average is $1,864.25. MercadoLibre, Inc. has a 1 year low of $1,324.99 and a 1 year high of $2,161.73.

Wall Street Analysts Forecast Growth

MELI has been the topic of a number of research reports. Morgan Stanley decreased their price target on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Raymond James initiated coverage on shares of MercadoLibre in a research note on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target on the stock. The Goldman Sachs Group upped their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. BTIG Research decreased their price target on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. decreased their price target on shares of MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2,267.67.

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.