Alkeon Capital Management LLC Trims Stock Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Alkeon Capital Management LLC reduced its stake in MercadoLibre, Inc. (NASDAQ:MELI) by 9.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 190,633 shares of the company’s stock after selling 20,169 shares during the period. MercadoLibre comprises approximately 0.7% of Alkeon Capital Management LLC’s investment portfolio, making the stock its 19th largest position. Alkeon Capital Management LLC’s holdings in MercadoLibre were worth $391,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Migdal Insurance & Financial Holdings Ltd. raised its holdings in MercadoLibre by 1,600.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after buying an additional 16 shares during the period. Optimum Investment Advisors raised its holdings in MercadoLibre by 750.0% in the 3rd 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 period. Financial Connections Group Inc. purchased a new stake in MercadoLibre in the 2nd quarter valued at about $36,000. Legacy Bridge LLC raised its holdings in MercadoLibre by 53.3% in the 3rd quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock valued at $47,000 after buying an additional 8 shares during the period. Finally, Quarry LP purchased a new stake in MercadoLibre during the second quarter worth about $43,000. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Stock Performance

Shares of MELI opened at $2,044.76 on Friday. The stock has a 50 day moving average price of $2,023.33 and a 200 day moving average price of $1,865.50. 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 market capitalization of $103.67 billion, a price-to-earnings ratio of 72.15, a price-to-earnings-growth ratio of 1.39 and a beta of 1.61. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,161.73.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Bank of America boosted their price target on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research note on Thursday, September 12th. Susquehanna boosted their price target on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the stock a “positive” rating in a research note on Wednesday, August 28th. Redburn Atlantic assumed coverage on shares of MercadoLibre in a research note on Friday, October 11th. They set a “buy” rating and a $2,800.00 price target on the stock. Barclays cut their price target on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. Finally, BTIG Research cut their price target 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. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2,267.67.

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.