Parnassus Investments LLC Increases Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Parnassus Investments LLC raised its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 3.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 14,903 shares of the company’s stock after buying an additional 436 shares during the period. Parnassus Investments LLC’s holdings in MercadoLibre were worth $30,580,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MELI. Migdal Insurance & Financial Holdings Ltd. grew its stake in 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 during the last quarter. Optimum Investment Advisors boosted its position 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 buying an additional 15 shares during the last quarter. Financial Connections Group Inc. acquired a new stake in MercadoLibre during the 2nd quarter worth about $36,000. Legacy Bridge LLC increased its holdings in shares of MercadoLibre by 53.3% during the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock valued at $47,000 after purchasing an additional 8 shares in the last quarter. Finally, Quarry LP acquired a new position in MercadoLibre in the 2nd quarter worth about $43,000. 87.62% of the stock is owned by hedge funds and other institutional investors.

MercadoLibre Price Performance

Shares of NASDAQ:MELI opened at $1,916.12 on Tuesday. MercadoLibre, Inc. has a 12 month low of $1,324.99 and a 12 month high of $2,161.73. The firm has a market capitalization of $97.15 billion, a price-to-earnings ratio of 67.61, a price-to-earnings-growth ratio of 1.28 and a beta of 1.61. The business’s 50 day simple moving average is $2,035.34 and its 200-day simple moving average is $1,849.25. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.25 and a quick ratio of 1.22.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MELI shares. BTIG Research decreased their target price on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Bank of America lifted their price target on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the company a “buy” rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. decreased their target price on MercadoLibre from $2,400.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Redburn Atlantic started coverage on shares of MercadoLibre in a report on Friday, October 11th. They set a “buy” rating and a $2,800.00 target price on the stock. Finally, Barclays decreased their price objective on MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.