Skye Global Management LP Boosts Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Skye Global Management LP raised its position in MercadoLibre, Inc. (NASDAQ:MELI) by 113.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,200 shares of the company’s stock after purchasing an additional 3,820 shares during the period. Skye Global Management LP’s holdings in MercadoLibre were worth $12,243,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Human Investing LLC bought a new stake in MercadoLibre during the fourth quarter valued at $26,000. Pacific Capital Wealth Advisors Inc. boosted its position in shares of MercadoLibre by 220.0% during the 4th quarter. Pacific Capital Wealth Advisors Inc. now owns 16 shares of the company’s stock valued at $27,000 after acquiring an additional 11 shares during the last quarter. Brown Lisle Cummings Inc. boosted its position in shares of MercadoLibre by 100.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 16 shares of the company’s stock valued at $27,000 after acquiring an additional 8 shares during the last quarter. Covestor Ltd purchased a new position in shares of MercadoLibre during the fourth quarter worth about $27,000. Finally, Heck Capital Advisors LLC bought a new position in shares of MercadoLibre in the fourth quarter worth approximately $32,000. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Trading Up 0.9%

NASDAQ:MELI opened at $2,586.49 on Friday. The firm has a market capitalization of $131.13 billion, a P/E ratio of 68.61, a P/E/G ratio of 1.12 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78. The company has a fifty day moving average of $2,123.15 and a 200 day moving average of $1,996.02. MercadoLibre, Inc. has a 52 week low of $1,550.00 and a 52 week high of $2,610.30.

MercadoLibre (NASDAQ:MELI) last posted its earnings results on Wednesday, May 7th. The company reported $9.74 earnings per share for the quarter, topping analysts’ consensus estimates of $7.82 by $1.92. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.55 billion. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. MercadoLibre’s revenue for the quarter was up 37.0% on a year-over-year basis. During the same period in the prior year, the business posted $6.78 earnings per share. On average, research analysts predict that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MELI has been the subject of a number of research reports. Bank of America boosted their price target on shares of MercadoLibre from $2,500.00 to $3,000.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. New Street Research upgraded shares of MercadoLibre from a “neutral” rating to a “buy” rating and upped their target price for the stock from $2,000.00 to $2,300.00 in a research report on Thursday, January 30th. Susquehanna raised their price target on MercadoLibre from $2,350.00 to $2,760.00 and gave the company a “positive” rating in a research report on Friday, February 21st. Cantor Fitzgerald dropped their price target on MercadoLibre from $3,000.00 to $2,400.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Citigroup reiterated a “buy” rating on shares of MercadoLibre in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, MercadoLibre has a consensus rating of “Moderate Buy” and a consensus price target of $2,521.33.

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.