Fred Alger Management LLC Sells 51,641 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Fred Alger Management LLC cut its position in MercadoLibre, Inc. (NASDAQ:MELI) by 36.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,011 shares of the company’s stock after selling 51,641 shares during the quarter. MercadoLibre comprises about 0.9% of Fred Alger Management LLC’s portfolio, making the stock its 20th biggest holding. Fred Alger Management LLC’s holdings in MercadoLibre were worth $184,699,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Raymond James & Associates grew its stake in shares of MercadoLibre by 4.8% in the second quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock valued at $57,256,000 after acquiring an additional 1,604 shares in the last quarter. KBC Group NV boosted its holdings in MercadoLibre by 205.5% in the 3rd quarter. KBC Group NV now owns 26,279 shares of the company’s stock valued at $53,923,000 after purchasing an additional 17,677 shares during the period. Caprock Group LLC grew its position in shares of MercadoLibre by 143.7% during the 2nd quarter. Caprock Group LLC now owns 580 shares of the company’s stock worth $955,000 after purchasing an additional 342 shares in the last quarter. Sarasin & Partners LLP increased its holdings in shares of MercadoLibre by 168.5% during the second quarter. Sarasin & Partners LLP now owns 45,407 shares of the company’s stock worth $74,622,000 after purchasing an additional 28,494 shares during the period. Finally, Parnassus Investments LLC raised its position in shares of MercadoLibre by 3.0% in the third quarter. Parnassus Investments LLC now owns 14,903 shares of the company’s stock valued at $30,580,000 after buying an additional 436 shares in the last quarter. Institutional investors own 87.62% of the company’s stock.

Wall Street Analysts Forecast Growth

MELI has been the topic of a number of analyst reports. Barclays reduced their price target on MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Raymond James initiated coverage on MercadoLibre in a report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 target price on the stock. BTIG Research dropped their price target on MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. The Goldman Sachs Group increased their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Wedbush restated an “outperform” rating and issued a $2,200.00 target price (up from $2,000.00) on shares of MercadoLibre in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $2,267.67.

MercadoLibre Stock Down 3.1 %

Shares of MELI opened at $2,044.76 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. MercadoLibre, Inc. has a 52 week low of $1,324.99 and a 52 week high of $2,161.73. The stock has a market capitalization of $103.67 billion, a price-to-earnings ratio of 72.15, a PEG ratio of 1.39 and a beta of 1.61. The stock has a fifty day moving average of $2,023.33 and a 200-day moving average of $1,865.50.

MercadoLibre 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.