Fred Alger Management LLC Has $174.50 Million Stock Holdings in MercadoLibre, Inc. $MELI

Fred Alger Management LLC raised its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 30.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,634 shares of the company’s stock after acquiring an additional 20,413 shares during the period. MercadoLibre makes up about 0.7% of Fred Alger Management LLC’s portfolio, making the stock its 27th biggest holding. Fred Alger Management LLC owned approximately 0.17% of MercadoLibre worth $174,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MELI. Laurel Wealth Advisors LLC acquired a new position in MercadoLibre in the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC acquired a new position in MercadoLibre in the 4th quarter valued at $26,000. Darwin Wealth Management LLC acquired a new position in MercadoLibre in the 2nd quarter valued at $29,000. Curio Wealth LLC acquired a new position in MercadoLibre in the 4th quarter valued at $30,000. Finally, Holos Integrated Wealth LLC acquired a new position in MercadoLibre in the 4th quarter valued at $32,000. 87.62% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on MELI shares. BTIG Research restated a “buy” rating and set a $2,150.00 price objective on shares of MercadoLibre in a research report on Tuesday, June 2nd. Citigroup downgraded shares of MercadoLibre from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $2,200.00 to $1,950.00 in a research report on Wednesday, May 13th. Daiwa Securities Group downgraded shares of MercadoLibre from a “buy” rating to a “hold” rating and set a $1,800.00 price objective for the company. in a research report on Friday, May 8th. Jefferies Financial Group raised MercadoLibre from a “hold” rating to a “buy” rating and reduced their price objective for the company from $2,800.00 to $2,600.00 in a research note on Tuesday, April 7th. Finally, Barclays reduced their price objective on MercadoLibre from $2,500.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,255.33.

MercadoLibre Stock Up 1.7%

Shares of NASDAQ:MELI opened at $1,674.08 on Wednesday. The company has a fifty day moving average of $1,713.47 and a 200-day moving average of $1,867.47. The company has a market capitalization of $84.88 billion, a PE ratio of 44.18, a price-to-earnings-growth ratio of 1.01 and a beta of 1.36. 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, Inc. has a 52-week low of $1,495.00 and a 52-week high of $2,645.22.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, May 7th. The company reported $8.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.75 by ($0.52). The company had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.29 billion. MercadoLibre had a return on equity of 29.58% and a net margin of 6.04%.The firm’s quarterly revenue was up 49.0% on a year-over-year basis. During the same quarter last year, the company posted $9.74 earnings per share. On average, equities analysts predict that MercadoLibre, Inc. will post 40.97 EPS for the current fiscal year.

Insider Activity

In related news, Director Alejandro Nicolas Aguzin purchased 600 shares of the stock in a transaction dated Friday, May 22nd. The stock was bought at an average cost of $1,655.93 per share, for a total transaction of $993,558.00. Following the completion of the acquisition, the director owned 5,355 shares of the company’s stock, valued at approximately $8,867,505.15. This represents a 12.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.26% of the company’s stock.

MercadoLibre 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.