PNC Financial Services Group Inc. Has $8.85 Million Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Key Points

• PNC Financial Services Group Inc. reduced its stake in MercadoLibre, Inc. by 18.2% during the first quarter, ending with 4,535 shares valued at approximately $8.85 million.
• Other institutional investors increased their holdings significantly in MercadoLibre, with Capital International Investors increasing their stake by 38.7% and reporting a valuation of nearly $2.87 billion.
• Analysts maintain a consensus rating of "Moderate Buy" for MercadoLibre, with price targets from various firms ranging upwards to $3,000.00.

PNC Financial Services Group Inc. reduced its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 18.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,535 shares of the company's stock after selling 1,012 shares during the period. PNC Financial Services Group Inc.'s holdings in MercadoLibre were worth $8,847,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MELI. Key Financial Inc acquired a new stake in shares of MercadoLibre during the 1st quarter worth approximately $25,000. GW&K Investment Management LLC bought a new position in MercadoLibre in the 1st quarter valued at about $25,000. Close Asset Management Ltd increased its stake in shares of MercadoLibre by 366.7% during the first quarter. Close Asset Management Ltd now owns 14 shares of the company's stock valued at $27,000 after acquiring an additional 11 shares during the period. Park Square Financial Group LLC bought a new stake in shares of MercadoLibre in the 4th quarter worth $26,000. Finally, Covestor Ltd acquired a new stake in MercadoLibre in the 4th quarter valued at about $27,000. Institutional investors own 87.62% of the company's stock.

MercadoLibre Stock Performance

MELI stock traded up $17.60 during trading on Thursday, reaching $2,334.82. 352,014 shares of the stock were exchanged, compared to its average volume of 351,713. The stock has a 50 day simple moving average of $2,441.77 and a 200-day simple moving average of $2,238.33. The company has a current ratio of 1.20, a quick ratio of 1.18 and a debt-to-equity ratio of 0.61. MercadoLibre, Inc. has a twelve month low of $1,646.00 and a twelve month high of $2,645.22. The company has a market capitalization of $118.38 billion, a P/E ratio of 57.66, a price-to-earnings-growth ratio of 1.42 and a beta of 1.46.

MercadoLibre (NASDAQ:MELI - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $10.31 EPS for the quarter, missing analysts' consensus estimates of $12.01 by ($1.70). The business had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.57 billion. MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%. MercadoLibre's revenue was up 33.8% on a year-over-year basis. During the same period in the previous year, the business posted $10.48 earnings per share. As a group, sell-side analysts anticipate that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MELI. Morgan Stanley reissued an "overweight" rating on shares of MercadoLibre in a research note on Thursday, May 1st. Scotiabank began coverage on shares of MercadoLibre in a research note on Monday, July 28th. They issued a "sector outperform" rating and a $3,500.00 price objective on the stock. Wall Street Zen lowered shares of MercadoLibre from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. Wedbush lowered their price target on MercadoLibre from $2,800.00 to $2,700.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Citigroup restated a "buy" rating on shares of MercadoLibre in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, MercadoLibre presently has an average rating of "Moderate Buy" and a consensus price target of $2,795.00.

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.