Fred Alger Management LLC Has $184.70 Million Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Fred Alger Management LLC reduced its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 36.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 90,011 shares of the company’s stock after selling 51,641 shares during the period. MercadoLibre makes up approximately 0.9% of Fred Alger Management LLC’s holdings, making the stock its 20th biggest holding. Fred Alger Management LLC owned 0.18% of MercadoLibre worth $184,699,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC boosted its stake in MercadoLibre by 205,108.3% in the 3rd quarter. International Assets Investment Management LLC now owns 248,302 shares of the company’s stock worth $509,506,000 after purchasing an additional 248,181 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of MercadoLibre during the second quarter worth about $2,913,000. FMR LLC grew its holdings in shares of MercadoLibre by 18.6% during the third quarter. FMR LLC now owns 878,996 shares of the company’s stock worth $1,803,665,000 after buying an additional 137,564 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in MercadoLibre in the 2nd quarter valued at approximately $121,137,000. Finally, Swedbank AB lifted its stake in MercadoLibre by 352.8% in the 3rd quarter. Swedbank AB now owns 94,123 shares of the company’s stock valued at $193,137,000 after acquiring an additional 73,336 shares in the last quarter. Institutional investors own 87.62% of the company’s stock.

Analyst Upgrades and Downgrades

MELI has been the subject of several research reports. Susquehanna raised their price target 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. Raymond James started coverage on shares of MercadoLibre in a research note on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price target on the stock. The Goldman Sachs Group boosted their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. StockNews.com cut MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Finally, JPMorgan Chase & Co. dropped their target price on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Three research 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,267.67.

MercadoLibre Price Performance

NASDAQ:MELI opened at $2,044.76 on Friday. The firm’s fifty day moving average price is $2,023.33 and its two-hundred day moving average price is $1,865.50. 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 has a market cap of $103.67 billion, a P/E ratio of 72.15, a P/E/G ratio of 1.39 and a beta of 1.61. MercadoLibre, Inc. has a one year low of $1,324.99 and a one year high of $2,161.73.

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.