Baker Avenue Asset Management LP Acquires New Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Baker Avenue Asset Management LP bought a new stake in MercadoLibre, Inc. (NASDAQ:MELI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 136 shares of the company’s stock, valued at approximately $279,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MELI. Legacy Capital Wealth Partners LLC acquired a new stake in MercadoLibre in the 3rd quarter worth about $283,000. Ted Buchan & Co grew its stake in shares of MercadoLibre by 142.9% in the third quarter. Ted Buchan & Co now owns 549 shares of the company’s stock valued at $1,127,000 after buying an additional 323 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its position in MercadoLibre by 15.9% in the third quarter. Mesirow Financial Investment Management Inc. now owns 160 shares of the company’s stock valued at $328,000 after acquiring an additional 22 shares in the last quarter. Atria Investments Inc increased its stake in MercadoLibre by 5.3% during the 3rd quarter. Atria Investments Inc now owns 3,105 shares of the company’s stock worth $6,371,000 after buying an additional 157 shares during the period. Finally, Resolute Advisors LLC purchased a new stake in shares of MercadoLibre during the third quarter worth about $337,000. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Price Performance

NASDAQ:MELI opened at $1,961.16 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The business’s 50-day moving average price is $2,046.45 and its 200 day moving average price is $1,828.74. 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 cap of $99.42 billion, a P/E ratio of 69.20, a PEG ratio of 1.15 and a beta of 1.61.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Citigroup upped their price target on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Raymond James began coverage on MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target on the stock. JPMorgan Chase & Co. lowered MercadoLibre from an “overweight” rating to a “neutral” rating and set a $2,400.00 target price on the stock. in a research report on Wednesday, October 2nd. Cantor Fitzgerald reduced their price target on shares of MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $2,200.00 price objective (up previously from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $2,306.33.

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.