# DLocal Limited (DLO)

> Source: Nexqual · https://nexqual.com/DLO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DLocal Limited (DLO), nexqual.com/DLO" · informational, not investment advice.

**Price:** USD 14.84 (-2.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 15.15 · day 14.74–15.2 · 52w 10.64–16.15 · market cap $4.37B · NMS

## Key facts
- 2 of 80 tracked superinvestors hold DLO (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $16.2M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $237K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (10 analysts), mean target USD 18.8 (range 15–21).
- Total return with dividends: 1Y -0.7% vs S&P 500 +14.9%; 5Y -66.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 0.22, revenue estimate $405M.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold DLO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.05% | $5.9M | Reduced -0.6% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $799K | Added +37.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-04…2026-08-05 | Kanovich Sebastian | Director | 77,453 | $1.2M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07 | Kanovich Sebastian | Director | 25,700 | $398K | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01 | Kanovich Sebastian | Director | 1,000,000 | $14.6M | 100% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $237K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-29 | Pruett William Rodney | Director | 20,000 | $237K | 11.85 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 10 analysts; mean target USD 18.8 (low 15, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-27 | Truist Securities | Target raised | Buy | $17 → $18 |
| 2026-07-31 | Goldman Sachs | Target raised | Buy | $17 → $19 |
| 2026-07-24 | Truist Securities | Target raised | Buy | $15 → $17 |
| 2026-07-01 | UBS | Upgrade | Neutral → Buy | $16 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.7% | -66.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.7% | -19.7% |
| Volatility (annualized) | 43.8% | 67.8% |
| Max drawdown | -29.0% (Oct 2025→May 2026) | -85.3% (Oct 2021→Jul 2024) |

## Peers (Software - Infrastructure)
BLSH (Bullish) USD 29.19 -1.95% · TENB (Tenable Holdings, Inc.) USD 42 +3.27% · WIX (Wix.com Ltd.) USD 82.55 +4.84% · BB (BlackBerry Limited) USD 8.59 -8.71% · RELY (Remitly Global, Inc.) USD 25.32 -0.39% · VRNS (Varonis Systems, Inc.) USD 48.89 +0.41%

## More
Full page: https://nexqual.com/DLO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DLO's own 20-F filed 2026-03-18 (https://www.sec.gov/Archives/edgar/data/1846832/000207097926000113/dlo-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Argentina | "For example, in Argentina (where revenue based on the country where the end users of our merchant customers executed their payments represented 15%, 11% and 12% of our revenue in 2025, 2024 and 2023, respectively) the ec…" |
| Customer | Amazon (AMZN) | "The level of service provided by AWS, or regular or prolonged interruptions in the services provided by AWS, could also impact the use of our services by our merchant customers and could harm our business and reputation." |
| Customer | EU | "Applicable anti-money laundering laws and regulations, including the US Bank Secrecy Act, as amended by the USA Patriot Act, the Anti-Money Laundering Act of 2020, or the AMLA 2020, the EU 4th, 5th and 6th AML Directives…" |
| Partner | Shopify (SHOP) | "We also partner with leading marketplaces such as Shopify to help their SMB clients and partners extend their geographic reach." |
| Partner | Alphabet (Google) (GOOGL) | "To that end, as of December 31, 2025, over 760 global merchants, including brand names such as Shein, Didi, Payoneer, Temu, Google, Facebook, Rappi, Deel, Uber, SpaceX, Worldpay and Spotify, across multiple verticals inc…" |
| Partner | Meta Platforms (META) | "To that end, as of December 31, 2025, over 760 global merchants, including brand names such as Shein, Didi, Payoneer, Temu, Google, Facebook, Rappi, Deel, Uber, SpaceX, Worldpay and Spotify, across multiple verticals inc…" |
| Partner | Uber (UBER) | "To that end, as of December 31, 2025, over 760 global merchants, including brand names such as Shein, Didi, Payoneer, Temu, Google, Facebook, Rappi, Deel, Uber, SpaceX, Worldpay and Spotify, across multiple verticals inc…" |
| Partner | SpaceX | "To that end, as of December 31, 2025, over 760 global merchants, including brand names such as Shein, Didi, Payoneer, Temu, Google, Facebook, Rappi, Deel, Uber, SpaceX, Worldpay and Spotify, across multiple verticals inc…" |
| Partner | Spotify (SPOT) | "To that end, as of December 31, 2025, over 760 global merchants, including brand names such as Shein, Didi, Payoneer, Temu, Google, Facebook, Rappi, Deel, Uber, SpaceX, Worldpay and Spotify, across multiple verticals inc…" |
| Partner | Citibank Colombia | "(ii)In December 2024, dLocal Colombia S.A.S, entered into a loan agreement with Citibank Colombia S.A. in a total of COP 14,000,000 (US$3,177), which matured on March 01, 2025." |
| Partner | Dlocal Argentina | "In June 2023, Dlocal Argentina S.A. entered into a loan agreement with Dlocal Group for a total amount of US$100,000, which matured in August 2025." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.22 | $0.23 | -8.1% | $404.9M | 3 |
| Next quarter (ends 2026-12-31) | $0.27 | $0.24 | +10.5% | $446.6M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.85 | $0.86 | -1.0% | $1.59B | 4 |
| Next fiscal year (ends 2027-12-31) | $1.14 | $1.10 | +3.6% | $2.07B | 4 |