The Commonwealth of Pennsylvania Public School Employees Retirement System has decreased its investment in MercadoLibre, Inc. by 3.7% during the second quarter of 2023, according to filings with the Securities and Exchange Commission. Following the sale of 951 shares, the retirement system now holds 24,565 shares valued at approximately $64.2 million.
Several other institutional investors have also adjusted their positions in MercadoLibre, indicating a broader interest in the stock. For instance, Optimize Financial Inc increased its stake by 1.7% in the first quarter, acquiring an additional 4 shares for a total of 238 shares worth $464,000. Similarly, Range Financial Group LLC boosted its holdings by 2.7%, now owning 188 shares valued at $491,000 after acquiring an extra 5 shares.
E Fund Management Hong Kong Co. Ltd. saw a significant increase, growing its position by 26.3% in the second quarter and now holding 24 shares valued at $63,000. Forum Financial Management LP and Cary Street Partners Investment Advisory LLC also made minor increases to their holdings earlier this year, reflecting a trend among institutional investors, who collectively own 87.62% of MercadoLibre’s stock.
Analyst Ratings and Market Performance
Recent adjustments in analysts’ ratings for MercadoLibre stock have been noteworthy. On October 30, 2023, Benchmark lowered its target price from $2,875.00 to $2,780.00, maintaining a “buy” rating. Cantor Fitzgerald followed suit, reducing its price objective from $2,900.00 to $2,750.00, also with an “overweight” rating. Conversely, Barclays raised its target from $2,800.00 to $2,900.00, maintaining an “overweight” stance.
MarketBeat reports that the consensus among analysts currently rates MercadoLibre as a “Moderate Buy,” with an average target price of $2,854.71. The company has received one “Strong Buy” rating, fourteen “Buy” ratings, and two “Hold” ratings.
As of the latest trading session, MercadoLibre shares increased by 0.9%, opening at $2,048.89. The company’s market capitalization stands at $103.87 billion, with a price-to-earnings ratio of 50.00. Over the past year, shares have fluctuated between a low of $1,646.00 and a high of $2,645.22.
Recent Earnings Results
MercadoLibre recently reported its earnings results on October 29, 2023. The company recorded earnings per share of $8.32, falling short of analysts’ expectations of $9.88 by $1.56. Despite this, MercadoLibre’s revenue for the quarter reached $7.41 billion, exceeding estimates of $7.19 billion. The firm’s revenue showed a substantial year-over-year increase of 39.5%, although earnings per share decreased from $7.83 in the same quarter last year.
Analysts anticipate that MercadoLibre will post an earnings per share of $43.96 for the current fiscal year, reflecting the company’s ongoing growth trajectory within the online commerce sector.
MercadoLibre operates a leading online commerce platform, providing services that allow businesses and consumers to engage in digital transactions. Its two primary platforms, Mercado Libre Marketplace and Mercado Pago, facilitate a wide array of e-commerce activities and financial transactions, reinforcing its position in the market.
