Harvest Fund Management Co. Ltd Raises Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Harvest Fund Management Co. Ltd lifted its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 50.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,410 shares of the company’s stock after purchasing an additional 810 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in MercadoLibre were worth $4,939,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of MercadoLibre by 1,600.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after buying an additional 16 shares in the last quarter. Optimum Investment Advisors lifted its stake in shares of MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after purchasing an additional 15 shares during the last quarter. Financial Connections Group Inc. purchased a new position in MercadoLibre during the second quarter worth $36,000. Quarry LP purchased a new position in MercadoLibre during the second quarter worth $43,000. Finally, Legacy Bridge LLC increased its position in MercadoLibre by 53.3% during the third quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock valued at $47,000 after acquiring an additional 8 shares during the last quarter. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Stock Up 1.9 %

MercadoLibre stock opened at $2,005.00 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The firm has a market cap of $101.65 billion, a P/E ratio of 70.75, a P/E/G ratio of 1.37 and a beta of 1.61. The business has a fifty day moving average of $2,025.17 and a two-hundred day moving average of $1,857.20. MercadoLibre, Inc. has a twelve month low of $1,324.99 and a twelve month high of $2,161.73.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MELI. Wedbush restated an “outperform” rating and issued a $2,200.00 target price (up previously from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Susquehanna boosted their target price on MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. cut their target price on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Citigroup raised their price target on MercadoLibre from $2,200.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group upped their price objective on MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, MercadoLibre currently has a consensus rating of “Moderate Buy” and an average target price of $2,269.67.

About MercadoLibre

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.