Pier 88 Investment Partners LLC Buys 1,443 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Pier 88 Investment Partners LLC lifted its stake in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 165.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,313 shares of the company's stock after purchasing an additional 1,443 shares during the period. MercadoLibre accounts for 1.0% of Pier 88 Investment Partners LLC's investment portfolio, making the stock its 23rd biggest holding. Pier 88 Investment Partners LLC's holdings in MercadoLibre were worth $4,746,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. boosted 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 worth $28,000 after buying an additional 16 shares during the period. Optimum Investment Advisors boosted its holdings in MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company's stock worth $35,000 after buying an additional 15 shares during the period. Financial Connections Group Inc. bought a new position in MercadoLibre in the 2nd quarter worth approximately $36,000. Quarry LP bought a new position in MercadoLibre in the 2nd quarter worth approximately $43,000. Finally, NBC Securities Inc. boosted its holdings in MercadoLibre by 35.0% in the 3rd quarter. NBC Securities Inc. now owns 27 shares of the company's stock worth $55,000 after buying an additional 7 shares during the period. Hedge funds and other institutional investors own 87.62% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Susquehanna raised their price target 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. BTIG Research cut their price target on shares of MercadoLibre from $2,250.00 to $2,200.00 and set a "buy" rating for the company in a report on Thursday, November 7th. Wedbush reissued an "outperform" rating and issued a $2,200.00 price target (up from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Citigroup raised their price target on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Finally, Redburn Atlantic assumed coverage on shares of MercadoLibre in a research report on Friday, October 11th. They set a "buy" rating and a $2,800.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $2,269.67.

MercadoLibre Trading Down 2.8 %

Shares of MELI stock traded down $54.75 during mid-day trading on Thursday, reaching $1,876.20. The stock had a trading volume of 547,070 shares, compared to its average volume of 367,752. The stock's 50-day moving average price is $2,042.97 and its two-hundred day moving average price is $1,837.63. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,161.73. The firm has a market capitalization of $95.12 billion, a PE ratio of 68.14, a price-to-earnings-growth ratio of 1.34 and a beta of 1.61. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78.

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.