PNC Financial Services Group Inc. Acquires 3,745 Shares of MercadoLibre, Inc. $MELI

PNC Financial Services Group Inc. grew its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 41.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,756 shares of the company’s stock after acquiring an additional 3,745 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MercadoLibre were worth $22,055,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Darwin Wealth Management LLC bought a new position in MercadoLibre in the second quarter valued at approximately $29,000. Laurel Wealth Advisors LLC acquired a new position in MercadoLibre during the fourth quarter worth $26,000. Transamerica Financial Advisors LLC bought a new position in MercadoLibre during the fourth quarter worth about $26,000. Purpose Unlimited Inc. bought a new stake in MercadoLibre in the 4th quarter valued at $28,000. Finally, Curio Wealth LLC acquired a new stake in shares of MercadoLibre during the 4th quarter worth about $30,000. Institutional investors and hedge funds own 87.62% of the company’s stock.

MercadoLibre Price Performance

Shares of NASDAQ MELI opened at $1,801.44 on Friday. The stock has a market cap of $91.33 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 1.11 and a beta of 1.35. 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 fifty-two week low of $1,495.00 and a fifty-two week high of $2,548.50. The firm’s 50-day simple moving average is $1,705.94 and its 200 day simple moving average is $1,815.81.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MELI shares. Zacks Research raised shares of MercadoLibre from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. UBS Group decreased their price target on MercadoLibre from $2,050.00 to $1,750.00 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. Daiwa Securities Group cut MercadoLibre from a “buy” rating to a “hold” rating and set a $1,800.00 price target on the stock. in a report on Friday, May 8th. Scotiabank decreased their target price on MercadoLibre from $3,500.00 to $2,800.00 and set a “sector outperform” rating for the company in a research report on Thursday, May 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of MercadoLibre in a research note on Thursday, July 2nd. One research 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 data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $2,258.67.

Insider Transactions at MercadoLibre

In related news, Director Alejandro Nicolas Aguzin purchased 600 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was acquired at an average cost of $1,655.93 per share, with a total value 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.