PNC Financial Services Group Inc. Has $22.05 Million Stake in MercadoLibre, Inc. $MELI

PNC Financial Services Group Inc. raised its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 41.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,756 shares of the company’s stock after acquiring an additional 3,745 shares during the period. PNC Financial Services Group Inc.’s holdings in MercadoLibre were worth $22,055,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Oslo Pensjonsforsikring AS acquired a new position in MercadoLibre in the first quarter valued at about $73,000. DUTCH ASSET Corp increased its holdings in shares of MercadoLibre by 194.4% during the first quarter. DUTCH ASSET Corp now owns 1,201 shares of the company’s stock worth $2,077,000 after buying an additional 793 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of MercadoLibre during the first quarter worth approximately $81,000. Titan Global Capital Management USA LLC increased its holdings in shares of MercadoLibre by 5.8% during the first quarter. Titan Global Capital Management USA LLC now owns 1,065 shares of the company’s stock worth $1,841,000 after buying an additional 58 shares in the last quarter. Finally, AlTi Global Inc. bought a new position in MercadoLibre in the 1st quarter valued at $351,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

MercadoLibre Price Performance

MELI opened at $1,801.44 on Friday. The company has a fifty day moving average price of $1,705.94 and a two-hundred day moving average price of $1,815.81. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.14 and a current ratio of 1.16. MercadoLibre, Inc. has a 52 week low of $1,495.00 and a 52 week high of $2,548.50. The firm has a market capitalization of $91.33 billion, a PE ratio of 47.54, a P/E/G ratio of 1.11 and a beta of 1.35.

MercadoLibre (NASDAQ:MELI) last issued its earnings results on Thursday, May 7th. The company reported $8.23 EPS for the quarter, missing the consensus estimate of $8.75 by ($0.52). The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The business’s revenue was up 49.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.74 EPS. As a group, analysts anticipate that MercadoLibre, Inc. will post 41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MELI shares. The Goldman Sachs Group set a $2,100.00 target price on MercadoLibre in a research note on Wednesday, May 13th. Zacks Research raised shares of MercadoLibre from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Morgan Stanley dropped their target price on MercadoLibre from $2,600.00 to $2,450.00 and set an “overweight” rating for the company in a research report on Monday, May 11th. Cantor Fitzgerald decreased their price target on MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating on the stock in a report on Tuesday, April 21st. Finally, UBS Group lowered their price objective on MercadoLibre from $2,050.00 to $1,750.00 and set a “neutral” rating for the company in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,258.67.

Insider Activity

In related news, Director Alejandro Nicolas Aguzin bought 600 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was bought at an average cost of $1,655.93 per share, for a total transaction of $993,558.00. Following the transaction, the director owned 5,355 shares of the company’s stock, valued at $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.26% of the company’s stock.

About MercadoLibre

MercadoLibre, Inc operates an integrated e-commerce and fintech ecosystem serving consumers and businesses across Latin America. The company provides an online marketplace that connects buyers and sellers for a wide range of goods and services, supported by tools for merchants, advertising, and classifieds. Over time MercadoLibre has expanded beyond its marketplace roots into complementary areas that support digital commerce end to end.

Key offerings include its marketplace platform and a suite of logistics and payment services.