Norges Bank Invests $383.05 Million in MercadoLibre, Inc. (NASDAQ:MELI)

Norges Bank purchased a new stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) in the 4th quarter, Holdings Channel reports. The fund purchased 225,266 shares of the company’s stock, valued at approximately $383,051,000.

A number of other hedge funds also recently added to or reduced their stakes in MELI. Human Investing LLC bought a new stake in shares of MercadoLibre in the 4th quarter worth $26,000. Pacific Capital Wealth Advisors Inc. increased its holdings in MercadoLibre by 220.0% in the 4th quarter. Pacific Capital Wealth Advisors Inc. now owns 16 shares of the company’s stock worth $27,000 after buying an additional 11 shares in the last quarter. Brown Lisle Cummings Inc. raised its position in MercadoLibre by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 16 shares of the company’s stock worth $27,000 after buying an additional 8 shares during the last quarter. Heck Capital Advisors LLC bought a new position in MercadoLibre during the 4th quarter valued at about $32,000. Finally, Mather Group LLC. boosted its holdings in shares of MercadoLibre by 171.4% during the 4th quarter. Mather Group LLC. now owns 19 shares of the company’s stock valued at $32,000 after acquiring an additional 12 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

MercadoLibre Stock Performance

NASDAQ:MELI opened at $2,048.07 on Friday. The stock has a 50-day moving average price of $2,028.39 and a 200 day moving average price of $1,974.17. The stock has a market capitalization of $103.83 billion, a P/E ratio of 54.33, a P/E/G ratio of 1.12 and a beta of 1.64. MercadoLibre, Inc. has a 12-month low of $1,324.99 and a 12-month high of $2,374.54. The company has a current ratio of 1.25, a quick ratio of 1.22 and a debt-to-equity ratio of 0.78.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings data on Thursday, February 20th. The company reported $12.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.21 by $2.40. The business had revenue of $6.06 billion during the quarter, compared to analyst estimates of $5.94 billion. MercadoLibre had a net margin of 9.20% and a return on equity of 51.89%. Equities research analysts forecast that MercadoLibre, Inc. will post 43.96 EPS for the current fiscal year.

Analyst Ratings Changes

MELI has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of MercadoLibre from $1,950.00 to $2,300.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Bank of America raised their price target on MercadoLibre from $2,500.00 to $3,000.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Susquehanna upped their price objective on MercadoLibre from $2,350.00 to $2,760.00 and gave the company a “positive” rating in a research report on Friday, February 21st. The Goldman Sachs Group raised their target price on MercadoLibre from $2,400.00 to $2,750.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Finally, Cantor Fitzgerald upped their price target on shares of MercadoLibre from $2,150.00 to $3,000.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $2,402.81.

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.