Financial Enhancement Group LLC Invests $1.41 Million in MercadoLibre, Inc. (NASDAQ:MELI)

Financial Enhancement Group LLC purchased a new stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 688 shares of the company’s stock, valued at approximately $1,412,000.

Several other institutional investors have also added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. grew its holdings 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 valued at $28,000 after purchasing an additional 16 shares in the last quarter. Optimum Investment Advisors raised its stake in shares of MercadoLibre by 750.0% during the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after acquiring an additional 15 shares in the last quarter. Financial Connections Group Inc. bought a new stake in shares of MercadoLibre in the 2nd quarter valued at about $36,000. Quarry LP bought a new position in MercadoLibre in the second quarter worth about $43,000. Finally, NBC Securities Inc. boosted its position in shares of MercadoLibre by 35.0% in the 3rd quarter. NBC Securities Inc. now owns 27 shares of the company’s stock worth $55,000 after purchasing an additional 7 shares in the last quarter. Hedge funds and other institutional investors own 87.62% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Redburn Atlantic assumed coverage on MercadoLibre in a research report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price target for the company. Raymond James started coverage on shares of MercadoLibre in a research report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 target price on the stock. Citigroup raised their price objective on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Barclays lifted their price objective on shares of MercadoLibre from $2,100.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Three equities research 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 company. According to MarketBeat, MercadoLibre currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,301.67.

MercadoLibre Stock Performance

NASDAQ MELI opened at $2,117.30 on Thursday. The stock has a market capitalization of $107.35 billion, a price-to-earnings ratio of 76.52, a PEG ratio of 1.26 and a beta of 1.61. MercadoLibre, Inc. has a 12-month low of $1,324.99 and a 12-month high of $2,161.73. The business’s 50 day moving average is $2,055.08 and its two-hundred day moving average is $1,819.36. The company has a current ratio of 1.28, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67.

About MercadoLibre

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.