Pinnacle Associates Ltd. Has $235,000 Position in MercadoLibre, Inc. (NASDAQ:MELI)

Posted by Defense World Staff on Apr 21st, 2023

Pinnacle Associates Ltd. increased its position in shares of MercadoLibre, Inc. (NASDAQ:MELI – Get Rating) by 12.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 278 shares of the company’s stock after purchasing an additional 30 shares during the period. Pinnacle Associates Ltd.’s holdings in MercadoLibre were worth $235,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in MercadoLibre by 93.8% in the 3rd quarter. Amalgamated Bank now owns 31 shares of the company’s stock valued at $26,000 after acquiring an additional 15 shares in the last quarter. Huntington National Bank raised its holdings in MercadoLibre by 45.8% in the 3rd quarter. Huntington National Bank now owns 35 shares of the company’s stock valued at $29,000 after acquiring an additional 11 shares in the last quarter. Atlas Capital Advisors LLC raised its holdings in MercadoLibre by 414.3% in the 3rd quarter. Atlas Capital Advisors LLC now owns 36 shares of the company’s stock valued at $30,000 after acquiring an additional 29 shares in the last quarter. Tsfg LLC raised its holdings in MercadoLibre by 428.6% in the 3rd quarter. Tsfg LLC now owns 37 shares of the company’s stock valued at $31,000 after acquiring an additional 30 shares in the last quarter. Finally, CVA Family Office LLC raised its holdings in MercadoLibre by 3,600.0% in the 3rd quarter. CVA Family Office LLC now owns 37 shares of the company’s stock valued at $31,000 after acquiring an additional 36 shares in the last quarter. 80.49% of the stock is owned by institutional investors and hedge funds.

MercadoLibre Stock Performance

Shares of MELI opened at $1,293.77 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $65.02 billion, a price-to-earnings ratio of 135.62, a PEG ratio of 1.72 and a beta of 1.58. The stock has a 50 day moving average of $1,213.51 and a 200 day moving average of $1,037.97. MercadoLibre, Inc. has a 12 month low of $600.68 and a 12 month high of $1,337.75.

MercadoLibre (NASDAQ:MELI – Get Rating) last released its earnings results on Thursday, February 23rd. The company reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $1.14. MercadoLibre had a return on equity of 29.09% and a net margin of 4.57%. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the business posted ($0.92) earnings per share. The business’s revenue for the quarter was up 40.8% on a year-over-year basis. As a group, sell-side analysts forecast that MercadoLibre, Inc. will post 15.55 earnings per share for the current year.

Insider Transactions at MercadoLibre

In other news, Director Emiliano Calemzuk sold 150 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $1,256.00, for a total value of $188,400.00. Following the completion of the transaction, the director now directly owns 115 shares of the company’s stock, valued at $144,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. BTIG Research lifted their price target on MercadoLibre from $1,245.00 to $1,400.00 and gave the company a “buy” rating in a research note on Friday, February 24th. TheStreet upgraded MercadoLibre from a “c” rating to a “b-” rating in a research note on Wednesday, February 15th. Citigroup lifted their price target on MercadoLibre from $1,100.00 to $1,460.00 in a research note on Friday, March 3rd. Bank of America lifted their price target on MercadoLibre from $1,400.00 to $1,680.00 and gave the company a “buy” rating in a research note on Thursday, April 13th. Finally, Morgan Stanley lifted their price target on MercadoLibre from $1,620.00 to $1,770.00 in a research note on Friday, March 31st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, MercadoLibre presently has a consensus rating of “Moderate Buy” and an average target price of $1,419.00.

About MercadoLibre

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MercadoLibre, Inc engages in the development of an online commerce platform with a focus on e-commerce and related services. It operates through the following geographical segments: Brazil, Argentina, Mexico, and Other Countries. The Other Countries segment includes Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama, Peru, Bolivia, Honduras, Nicaragua, El Salvador, Guatemala, Paraguay, Uruguay, and the United States of America.