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

Fred Alger Management LLC lifted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 30.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 86,634 shares of the company’s stock after purchasing an additional 20,413 shares during the quarter. MercadoLibre accounts for about 0.7% of Fred Alger Management LLC’s portfolio, making the stock its 27th largest position. Fred Alger Management LLC’s holdings in MercadoLibre were worth $174,503,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Laurel Wealth Advisors LLC bought a new stake in shares of MercadoLibre in the fourth quarter worth $26,000. Transamerica Financial Advisors LLC bought a new stake in shares of MercadoLibre in the fourth quarter worth $26,000. Darwin Wealth Management LLC bought a new stake in shares of MercadoLibre in the second quarter worth $29,000. Curio Wealth LLC bought a new stake in shares of MercadoLibre in the fourth quarter worth $30,000. Finally, Holos Integrated Wealth LLC bought a new stake in shares of MercadoLibre in the fourth quarter worth $32,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MELI has been the topic of several analyst reports. Zacks Research cut shares of MercadoLibre from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 22nd. Wedbush reduced their price objective on shares of MercadoLibre from $2,600.00 to $2,400.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. Cantor Fitzgerald reduced their price objective on shares of MercadoLibre from $2,400.00 to $2,350.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. Citigroup cut shares of MercadoLibre from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $2,200.00 to $1,950.00 in a research note on Wednesday, May 13th. Finally, Scotiabank reduced their price objective on shares of MercadoLibre from $3,500.00 to $2,800.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,255.33.

MercadoLibre Stock Performance

Shares of MELI opened at $1,674.08 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $84.88 billion, a P/E ratio of 44.18, a price-to-earnings-growth ratio of 1.01 and a beta of 1.36. The firm’s fifty day simple moving average is $1,713.47 and its two-hundred day simple moving average is $1,867.47. MercadoLibre, Inc. has a 12 month low of $1,495.00 and a 12 month high of $2,645.22.

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

Insider Buying and Selling

In related news, Director Alejandro Nicolas Aguzin acquired 600 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were bought at an average price of $1,655.93 per share, with a total value of $993,558.00. Following the transaction, the director directly owned 5,355 shares of the company’s stock, valued at $8,867,505.15. This trade represents a 12.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.26% of the company’s stock.

MercadoLibre Company 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.