Jennison Associates LLC Buys 70,154 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Jennison Associates LLC boosted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 3.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,873,919 shares of the company's stock after purchasing an additional 70,154 shares during the period. MercadoLibre comprises approximately 2.4% of Jennison Associates LLC's holdings, making the stock its 9th largest position. Jennison Associates LLC owned approximately 3.70% of MercadoLibre worth $3,845,207,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Capital World Investors grew its holdings in MercadoLibre by 12.7% during the 1st quarter. Capital World Investors now owns 845,749 shares of the company's stock worth $1,278,738,000 after acquiring an additional 95,029 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in MercadoLibre by 43.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company's stock valued at $1,167,073,000 after purchasing an additional 232,787 shares during the period. Janus Henderson Group PLC lifted its position in 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 period. Legal & General Group Plc lifted its position in MercadoLibre by 3.6% during the 2nd quarter. Legal & General Group Plc now owns 323,570 shares of the company's stock valued at $531,755,000 after purchasing an additional 11,265 shares during the period. Finally, Royal London Asset Management Ltd. raised its position in shares of MercadoLibre by 17.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 277,206 shares of the company's stock valued at $455,560,000 after acquiring an additional 40,361 shares during the period. 87.62% of the stock is owned by institutional investors.

MercadoLibre Price Performance

Shares of MELI traded up $0.75 during mid-day trading on Wednesday, hitting $1,917.26. The company's stock had a trading volume of 283,106 shares, compared to its average volume of 367,662. The firm has a 50-day simple moving average of $2,033.32 and a 200 day simple moving average of $1,851.27. The firm has a market capitalization of $97.21 billion, a P/E ratio of 67.63, a P/E/G ratio of 1.28 and a beta of 1.61. MercadoLibre, Inc. has a 1-year low of $1,324.99 and a 1-year high of $2,161.73. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78.

Wall Street Analyst Weigh In

Several analysts have commented on MELI shares. Bank of America raised their target price on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a "buy" rating in a report on Thursday, September 12th. Citigroup lifted their target price on MercadoLibre from $2,200.00 to $2,480.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Cantor Fitzgerald dropped their target price on shares of MercadoLibre from $2,530.00 to $2,300.00 and set an "overweight" rating on the stock in a research report on Thursday, November 7th. Redburn Atlantic initiated coverage on shares of MercadoLibre in a research report on Friday, October 11th. They set a "buy" rating and a $2,800.00 target price for the company. Finally, Susquehanna lifted 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. 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,269.67.

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.