Redhawk Wealth Advisors Inc. Invests $248,000 in MercadoLibre, Inc. (NASDAQ:MELI)

Redhawk Wealth Advisors Inc. bought a new position in MercadoLibre, Inc. (NASDAQ:MELI) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 121 shares of the company’s stock, valued at approximately $248,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. GQG Partners LLC raised its position in MercadoLibre by 442.2% in the 1st quarter. GQG Partners LLC now owns 794,782 shares of the company’s stock worth $1,201,679,000 after purchasing an additional 648,198 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in MercadoLibre by 43.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock worth $1,167,073,000 after purchasing an additional 232,787 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in MercadoLibre in the 2nd quarter worth approximately $2,913,000. Janus Henderson Group PLC raised its position in MercadoLibre by 55.8% in the 1st quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock worth $557,225,000 after purchasing an additional 132,028 shares during the last quarter. Finally, Capital World Investors raised its position in MercadoLibre by 12.7% in the 1st quarter. Capital World Investors now owns 845,749 shares of the company’s stock worth $1,278,738,000 after purchasing an additional 95,029 shares during the last quarter. 87.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MELI shares. The Goldman Sachs Group boosted their price objective on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Raymond James assumed coverage on shares of MercadoLibre in a research report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price objective for the company. Bank of America upped their target price 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. Dbs Bank upgraded shares of MercadoLibre from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 11th. Finally, Citigroup upped their target price on shares of MercadoLibre from $2,000.00 to $2,200.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,283.00.

MercadoLibre Price Performance

MELI opened at $2,033.62 on Wednesday. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. MercadoLibre, Inc. has a 12 month low of $1,141.04 and a 12 month high of $2,161.73. The company has a fifty day simple moving average of $2,023.10 and a 200 day simple moving average of $1,754.14. The stock has a market cap of $103.10 billion, a P/E ratio of 90.99, a P/E/G ratio of 1.25 and a beta of 1.61.

MercadoLibre (NASDAQ:MELI) last released its quarterly earnings data on Thursday, August 1st. The company reported $10.48 EPS for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. The business had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The firm’s quarterly revenue was up 41.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.16 EPS. On average, research analysts expect that MercadoLibre, Inc. will post 37.55 EPS for the current year.

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.