Octahedron Capital Management L.P. Purchases New Position in MercadoLibre, Inc. (NASDAQ:MELI)

Octahedron Capital Management L.P. bought a new position in MercadoLibre, Inc. (NASDAQ:MELI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,150 shares of the company’s stock, valued at approximately $1,890,000. MercadoLibre comprises approximately 1.9% of Octahedron Capital Management L.P.’s investment portfolio, making the stock its 14th biggest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MELI. GQG Partners LLC lifted its holdings 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 lifted its holdings in shares of MercadoLibre by 43.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 771,893 shares of the company’s stock worth $1,167,073,000 after buying an additional 232,787 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of MercadoLibre during the second quarter worth approximately $2,913,000. Janus Henderson Group PLC lifted its holdings in shares of MercadoLibre by 55.8% during the first quarter. Janus Henderson Group PLC now owns 368,559 shares of the company’s stock worth $557,225,000 after buying an additional 132,028 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of MercadoLibre by 1,432.2% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 127,355 shares of the company’s stock worth $200,140,000 after buying an additional 119,043 shares during the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on MELI shares. The Goldman Sachs Group upped their price target on MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. New Street Research lowered MercadoLibre from a “buy” rating to a “neutral” rating in a report on Friday, May 24th. Barclays upped their price target on MercadoLibre from $2,000.00 to $2,100.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. StockNews.com lowered MercadoLibre from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Finally, JPMorgan Chase & Co. upped their target price on MercadoLibre from $2,150.00 to $2,400.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,207.31.

MercadoLibre Price Performance

Shares of MELI stock opened at $2,103.75 on Friday. The stock’s fifty day moving average is $1,899.17 and its 200-day moving average is $1,690.40. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.26 and a current ratio of 1.28. The stock has a market capitalization of $106.65 billion, a PE ratio of 94.13, a PEG ratio of 1.33 and a beta of 1.61. MercadoLibre, Inc. has a 52 week low of $1,141.04 and a 52 week high of $2,157.64.

MercadoLibre (NASDAQ:MELI) last announced its earnings results on Thursday, August 1st. The company reported $10.48 EPS for the quarter, topping the consensus estimate of $8.53 by $1.95. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $4.64 billion. MercadoLibre had a return on equity of 43.52% and a net margin of 8.03%. The business’s revenue for the quarter was up 41.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.16 earnings per share. Equities research analysts expect that MercadoLibre, Inc. will post 35.22 EPS for the current fiscal 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.