Picton Mahoney Asset Management Purchases Shares of 527 MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• Picton Mahoney Asset Management has invested approximately $1,027,000 in MercadoLibre, acquiring 527 shares in the first quarter of 2023.
• Substantial increases in stakes from other institutional investors include a 250.1% increase by Mackenzie Financial Corp and a 1,105.0% increase by Nkcfo LLC during the same period.
• MercadoLibre reported strong financial results with a 37.0% year-over-year revenue growth, achieving an earnings per share of $9.74, surpassing estimates by $1.92.

Picton Mahoney Asset Management purchased a new stake in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 527 shares of the company's stock, valued at approximately $1,027,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Key Financial Inc purchased a new stake in shares of MercadoLibre in the first quarter valued at about $25,000. GW&K Investment Management LLC purchased a new stake in shares of MercadoLibre in the first quarter valued at about $25,000. Park Square Financial Group LLC purchased a new stake in shares of MercadoLibre in the fourth quarter valued at about $26,000. Covestor Ltd purchased a new position in MercadoLibre during the fourth quarter worth about $27,000. Finally, Close Asset Management Ltd raised its holdings in MercadoLibre by 366.7% during the first quarter. Close Asset Management Ltd now owns 14 shares of the company's stock worth $27,000 after purchasing an additional 11 shares in the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Price Performance

Shares of MELI stock traded up $2.03 during trading hours on Friday, hitting $2,375.92. The company's stock had a trading volume of 375,200 shares, compared to its average volume of 256,589. The business has a fifty day moving average of $2,455.84 and a 200-day moving average of $2,223.79. The stock has a market cap of $120.46 billion, a price-to-earnings ratio of 58.43, a P/E/G ratio of 1.41 and a beta of 1.46. MercadoLibre, Inc. has a twelve month low of $1,646.00 and a twelve month high of $2,645.22. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.57.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $9.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.82 by $1.92. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.55 billion. MercadoLibre had a net margin of 9.21% and a return on equity of 48.46%. The company's quarterly revenue was up 37.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.78 earnings per share. As a group, equities research analysts anticipate that MercadoLibre, Inc. will post 43.96 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MELI. Benchmark cut shares of MercadoLibre from a "buy" rating to a "cautious" rating in a report on Thursday, May 1st. Susquehanna reissued a "positive" rating and set a $2,975.00 price target (up from $2,840.00) on shares of MercadoLibre in a report on Thursday, June 26th. Morgan Stanley reissued an "overweight" rating on shares of MercadoLibre in a report on Thursday, May 1st. UBS Group set a $3,000.00 price target on shares of MercadoLibre in a report on Monday, June 2nd. Finally, The Goldman Sachs Group increased their price target on shares of MercadoLibre from $2,640.00 to $3,000.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $2,707.50.

MercadoLibre Company 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.