ICICI Prudential Asset Management Co Ltd Raises Position in MercadoLibre, Inc. (NASDAQ:MELI)

ICICI Prudential Asset Management Co Ltd lifted its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 18.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 661 shares of the company’s stock after buying an additional 105 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in MercadoLibre were worth $1,356,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of MercadoLibre by 1,600.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock worth $28,000 after buying an additional 16 shares during the period. Optimum Investment Advisors boosted its holdings in MercadoLibre by 750.0% in the third 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 in the second quarter valued at about $36,000. Quarry LP purchased a new position in MercadoLibre in the second quarter valued at about $43,000. Finally, NBC Securities Inc. boosted its holdings in MercadoLibre by 35.0% in the third quarter. NBC Securities Inc. now owns 27 shares of the company’s stock valued at $55,000 after purchasing an additional 7 shares during the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

MercadoLibre Stock Down 2.2 %

Shares of MercadoLibre stock traded down $44.40 during midday trading on Wednesday, hitting $1,932.99. The company’s stock had a trading volume of 127,375 shares, compared to its average volume of 365,367. The firm has a market capitalization of $98.00 billion, a P/E ratio of 68.85, a PEG ratio of 1.31 and a beta of 1.61. The stock has a 50-day simple moving average of $2,044.19 and a 200-day simple moving average of $1,836.97. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. MercadoLibre, Inc. has a 1-year low of $1,324.99 and a 1-year high of $2,161.73.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Bank of America increased their price target on MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a report on Thursday, September 12th. Redburn Atlantic started coverage on MercadoLibre in a report on Friday, October 11th. They set a “buy” rating and a $2,800.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $2,200.00 target price (up previously from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Susquehanna increased their target price on MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a report on Wednesday, August 28th. Finally, StockNews.com downgraded MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Three equities research 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 stock. According to MarketBeat, MercadoLibre currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,269.67.

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.