Pittenger & Anderson Inc. Trims Position in MercadoLibre, Inc. $MELI

Key Points

• Pittenger & Anderson Inc. cut its MercadoLibre stake by 18.4% in the first quarter, selling 572 shares and ending with 2,538 shares valued at about $4.39 million.
• MercadoLibre shares rose 2.5% to $1,852.22, with the stock trading near its 50-day average but below its 200-day average.
• The company missed earnings estimates on EPS in its latest quarter, though revenue came in above expectations and was up 49% year over year; analysts currently rate the stock a Moderate Buy with an average price target of $2,255.33.

Pittenger & Anderson Inc. reduced its position in MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 18.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,538 shares of the company's stock after selling 572 shares during the period. Pittenger & Anderson Inc.'s holdings in MercadoLibre were worth $4,388,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Laurel Wealth Advisors LLC acquired a new stake in shares of MercadoLibre during the fourth quarter worth $26,000. Transamerica Financial Advisors LLC acquired a new position in MercadoLibre in the fourth quarter valued at $26,000. Purpose Unlimited Inc. acquired a new position in MercadoLibre in the fourth quarter valued at $28,000. Darwin Wealth Management LLC purchased a new position in MercadoLibre during the second quarter worth about $29,000. Finally, Curio Wealth LLC purchased a new position in MercadoLibre during the fourth quarter worth about $30,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

MercadoLibre Trading Up 2.5%

Shares of NASDAQ:MELI traded up $44.39 during trading on Friday, reaching $1,852.22. 406,269 shares of the stock were exchanged, compared to its average volume of 405,449. The firm's 50-day moving average price is $1,675.89 and its 200 day moving average price is $1,827.82. The firm has a market cap of $93.91 billion, a price-to-earnings ratio of 48.88, a price-to-earnings-growth ratio of 1.14 and a beta of 1.35. MercadoLibre, Inc. has a 12-month low of $1,495.00 and a 12-month high of $2,548.50. 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 (NASDAQ:MELI - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations of $8.29 billion. MercadoLibre had a net margin of 6.04% and a return on equity of 29.58%. The company's quarterly revenue was up 49.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $9.74 EPS. On average, sell-side analysts anticipate that MercadoLibre, Inc. will post 40.97 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Alejandro Nicolas Aguzin bought 600 shares of the stock in a transaction dated Friday, May 22nd. The stock was acquired at an average price of $1,655.93 per share, for a total transaction of $993,558.00. Following the completion of the purchase, the director owned 5,355 shares in the company, 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 can be accessed through this hyperlink. Company insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

MELI has been the topic of a number of research analyst reports. 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 research note on Tuesday, April 21st. Morgan Stanley cut their price objective on shares of MercadoLibre from $2,600.00 to $2,450.00 and set an "overweight" rating on the stock in a report on Monday, May 11th. Citigroup cut shares of MercadoLibre from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $2,200.00 to $1,950.00 in a research report on Wednesday, May 13th. Weiss Ratings restated a "hold (c)" rating on shares of MercadoLibre in a report on Thursday, July 2nd. Finally, Daiwa Securities Group lowered shares of MercadoLibre from a "buy" rating to a "hold" rating and set a $1,800.00 price target for the company. in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $2,255.33.

MercadoLibre Company Profile

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.

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