Spire Wealth Management has increased its shareholding in MercadoLibre, Inc. (NASDAQ:MELI) by 18.9% during the third quarter of 2023. According to Holdings Channel, the firm now owns 2,906 shares after acquiring an additional 461 shares in this period. The total value of Spire’s holdings in MercadoLibre reached approximately $6,792,000 at the end of the quarter.
Other institutional investors have also made significant adjustments to their positions in MercadoLibre. Jackson Wealth Management LLC purchased new shares valued at about $499,000 in the second quarter, while Highview Capital Management LLC DE acquired shares valued at approximately $559,000. Additionally, Ninety One North America Inc. increased its stake by 21.5%, bringing its total to 6,094 shares valued at $15,927,000. Resona Asset Management Co. Ltd. raised its position by 4.0%, resulting in ownership of 15,308 shares worth $39,900,000, and Jennison Associates LLC lifted its holdings by 7.0%, now controlling 1,235,240 shares valued at $3,228,460,000.
Market Performance of MercadoLibre
As of Thursday, shares of MercadoLibre opened at $2,162.61, reflecting a decline of 1.1%. The company maintains a debt-to-equity ratio of 0.55, a current ratio of 1.17, and a quick ratio of 1.15. Over the past year, MercadoLibre’s stock has fluctuated between a low of $1,723.90 and a high of $2,645.22. Its fifty-day moving average stands at $2,069.27, while the 200-day moving average is at $2,257.45. MercadoLibre boasts a market capitalization of $109.64 billion and has a price-to-earnings ratio of 52.77, with a PEG ratio of 1.09 and a beta of 1.42.
In related news, insider transactions have seen Director Stelleo Tolda sell 246 shares of the stock on December 9, 2023, at an average price of $2,047.88, totaling $503,778.48. Another director, Emiliano Calemzuk, sold 45 shares on December 11, 2023, at an average price of $2,027.37, resulting in a transaction value of $91,231.65. Following this sale, Calemzuk’s remaining shares are valued at approximately $521,034.09. Over the last 90 days, insiders have sold a total of 1,136 shares valued at $2,308,788, with company insiders now holding 0.25% of the stock.
Analyst Outlook on MercadoLibre
Recently, several equities analysts have updated their assessments of MercadoLibre shares. Dbs Bank upgraded the stock from a “hold” to a “moderate buy” rating on December 2, 2023. BTIG Research confirmed a “buy” rating with a price target of $2,750.00 on December 4, while UBS Group reduced its price target from $3,000.00 to $2,900.00 and maintained a “buy” rating. Weiss Ratings reaffirmed a “buy (b-)” rating on October 31, 2023, and Morgan Stanley raised its target price from $2,850.00 to $2,950.00, assigning an “overweight” rating. Currently, one analyst rates the stock as a Strong Buy, sixteen have a Buy rating, two suggest Hold, and one has issued a Sell rating. Overall, the average rating stands at “Moderate Buy” with a consensus price target of $2,842.94, according to MarketBeat.
MercadoLibre, Inc. operates a comprehensive e-commerce and fintech ecosystem in Latin America, offering an online marketplace that connects consumers and businesses. The company’s services extend beyond its primary marketplace, encompassing logistics and payment solutions that facilitate digital commerce.
