Fortis Capital Management LLC Boosts Stake in MercadoLibre, Inc. (NASDAQ:MELI)

Fortis Capital Management LLC grew its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 1.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,369 shares of the company’s stock after acquiring an additional 36 shares during the quarter. MercadoLibre comprises about 1.0% of Fortis Capital Management LLC’s portfolio, making the stock its 28th biggest position. Fortis Capital Management LLC’s holdings in MercadoLibre were worth $4,861,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in MELI. Capital World Investors lifted its position in MercadoLibre by 12.7% during the first quarter. Capital World Investors now owns 845,749 shares of the company’s stock valued at $1,278,738,000 after acquiring an additional 95,029 shares during the last quarter. GQG Partners LLC increased its position in shares of MercadoLibre by 442.2% during the first quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock worth $1,201,679,000 after purchasing an additional 648,198 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of MercadoLibre by 43.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock worth $1,167,073,000 after purchasing an additional 232,787 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of MercadoLibre by 55.8% during the 1st quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock valued at $557,225,000 after purchasing an additional 132,028 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of MercadoLibre by 3.6% in the 2nd quarter. Legal & General Group Plc now owns 323,570 shares of the company’s stock worth $531,755,000 after purchasing an additional 11,265 shares in the last quarter. 87.62% of the stock is owned by institutional investors.

MercadoLibre Price Performance

Shares of MELI opened at $1,930.95 on Thursday. The business’s 50-day moving average is $2,044.19 and its two-hundred day moving average is $1,836.97. The company has a market capitalization of $97.90 billion, a P/E ratio of 68.14, a P/E/G ratio of 1.34 and a beta of 1.61. MercadoLibre, Inc. has a fifty-two week low of $1,324.99 and a fifty-two week high of $2,161.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. BTIG Research reduced their target price on MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Susquehanna upped their price objective on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a report on Wednesday, August 28th. The Goldman Sachs Group increased their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Citigroup raised their price target on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Three investment 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2,269.67.

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.