Skye Global Management LP Has $6.94 Million Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Skye Global Management LP boosted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 168.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,380 shares of the company’s stock after buying an additional 2,120 shares during the quarter. MercadoLibre makes up about 0.2% of Skye Global Management LP’s holdings, making the stock its 27th biggest position. Skye Global Management LP’s holdings in MercadoLibre were worth $6,936,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Jennison Associates LLC increased its holdings in MercadoLibre by 3.9% in the third quarter. Jennison Associates LLC now owns 1,873,919 shares of the company’s stock worth $3,845,207,000 after buying an additional 70,154 shares during the last quarter. FMR LLC increased its stake in shares of MercadoLibre by 18.6% during the 3rd quarter. FMR LLC now owns 878,996 shares of the company’s stock worth $1,803,665,000 after purchasing an additional 137,564 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of MercadoLibre by 3.6% in the 2nd quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock valued at $531,755,000 after purchasing an additional 11,265 shares during the last quarter. Royal London Asset Management Ltd. lifted its stake in shares of MercadoLibre by 17.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 277,206 shares of the company’s stock valued at $455,560,000 after purchasing an additional 40,361 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in MercadoLibre by 12.1% in the second quarter. Canada Pension Plan Investment Board now owns 258,455 shares of the company’s stock worth $424,745,000 after purchasing an additional 27,832 shares in the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MELI has been the subject of a number of analyst reports. BTIG Research reduced their price target on MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Raymond James started coverage on MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 target price for the company. Wedbush reiterated an “outperform” rating and set a $2,200.00 price target (up previously from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Susquehanna boosted their price objective on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research note on Wednesday, August 28th. Finally, Bank of America raised their target price on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2,267.67.

MercadoLibre Trading Down 3.1 %

Shares of MercadoLibre stock opened at $2,044.76 on Friday. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,161.73. The firm has a market capitalization of $103.67 billion, a PE ratio of 72.15, a price-to-earnings-growth ratio of 1.39 and a beta of 1.61. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22. The company’s fifty day moving average price is $2,023.33 and its two-hundred day moving average price is $1,865.50.

MercadoLibre Company Profile

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.