Kovack Advisors Inc. Has $4.03 Million Position in MercadoLibre, Inc. (NASDAQ:MELI)

Kovack Advisors Inc. boosted its position in MercadoLibre, Inc. (NASDAQ:MELI) by 2.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,963 shares of the company’s stock after acquiring an additional 44 shares during the quarter. Kovack Advisors Inc.’s holdings in MercadoLibre were worth $4,027,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after buying an additional 16 shares in the last quarter. Optimum Investment Advisors grew its position in MercadoLibre by 750.0% in the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after acquiring an additional 15 shares during the last quarter. Financial Connections Group Inc. acquired a new position in MercadoLibre during the second quarter worth about $36,000. Quarry LP bought a new position in shares of MercadoLibre in the second quarter worth about $43,000. Finally, NBC Securities Inc. boosted 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 valued at $55,000 after purchasing an additional 7 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MELI shares. Citigroup increased their price objective on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Raymond James assumed coverage on MercadoLibre in a report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price objective on the stock. Susquehanna boosted their price objective on MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research report on Wednesday, August 28th. StockNews.com downgraded MercadoLibre from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. Finally, Cantor Fitzgerald reduced their price target on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,269.67.

MercadoLibre Trading Down 1.5 %

MercadoLibre stock traded down $28.75 during trading hours on Wednesday, reaching $1,948.64. 81,604 shares of the company’s stock were exchanged, compared to its average volume of 365,235. The firm has a market capitalization of $98.80 billion, a PE ratio of 68.85, a PEG ratio of 1.31 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The firm’s 50 day simple moving average is $2,044.19 and its 200 day simple moving average is $1,836.97. MercadoLibre, Inc. has a twelve month low of $1,324.99 and a twelve month high of $2,161.73.

MercadoLibre 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.