Zurcher Kantonalbank Zurich Cantonalbank Sells 673 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 2.7% in the third quarter, Holdings Channel reports. The fund owned 24,097 shares of the company’s stock after selling 673 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MercadoLibre were worth $49,446,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. grew its holdings in MercadoLibre by 1,600.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after purchasing an additional 16 shares during the period. Optimum Investment Advisors lifted its position in shares of MercadoLibre by 750.0% during the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after buying an additional 15 shares during the last quarter. Financial Connections Group Inc. purchased a new position in shares of MercadoLibre during the 2nd quarter valued at $36,000. Quarry LP purchased a new stake in MercadoLibre in the 2nd quarter worth about $43,000. Finally, Legacy Bridge LLC raised its stake in MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock valued at $47,000 after acquiring an additional 8 shares during the period. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Stock Down 3.1 %

Shares of NASDAQ:MELI opened at $2,044.76 on Friday. The firm has a fifty day moving average of $2,023.33 and a 200 day moving average of $1,865.50. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,161.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. The firm has a market capitalization of $103.67 billion, a PE ratio of 72.15, a price-to-earnings-growth ratio of 1.39 and a beta of 1.61.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Bank of America lifted their price objective on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. Cantor Fitzgerald dropped their target price on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Susquehanna lifted their price target on MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group increased their price objective on MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Three 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,267.67.

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.