Entropy Technologies LP Makes New Investment in MercadoLibre, Inc. (NASDAQ:MELI)

Entropy Technologies LP purchased a new position in MercadoLibre, Inc. (NASDAQ:MELI) during the 3rd quarter, HoldingsChannel reports. The firm purchased 2,728 shares of the company’s stock, valued at approximately $5,598,000. MercadoLibre accounts for about 0.6% of Entropy Technologies LP’s portfolio, making the stock its 28th largest holding.

Other hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. increased its stake in MercadoLibre by 1,600.0% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after buying an additional 16 shares during the period. Optimum Investment Advisors lifted its holdings in shares of MercadoLibre by 750.0% in the third quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after buying an additional 15 shares during the period. Financial Connections Group Inc. bought a new position in MercadoLibre during the second quarter valued at about $36,000. Quarry LP bought a new stake in MercadoLibre in the second quarter worth about $43,000. Finally, NBC Securities Inc. lifted its holdings in MercadoLibre by 35.0% in the 3rd quarter. NBC Securities Inc. now owns 27 shares of the company’s stock valued at $55,000 after acquiring an additional 7 shares during the last quarter. Institutional investors own 87.62% of the company’s stock.

MercadoLibre Price Performance

NASDAQ MELI opened at $1,961.16 on Tuesday. The company has a 50 day simple moving average of $2,046.45 and a 200-day simple moving average of $1,828.74. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.28 and a quick ratio of 1.26. The firm has a market capitalization of $99.42 billion, a price-to-earnings ratio of 69.20, a price-to-earnings-growth ratio of 1.15 and a beta of 1.61. MercadoLibre, Inc. has a 52-week low of $1,324.99 and a 52-week high of $2,161.73.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MELI. Citigroup raised their price objective on shares of MercadoLibre from $2,200.00 to $2,480.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Redburn Atlantic began 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 for the company. Susquehanna raised their price objective on shares of MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a research report on Wednesday, August 28th. Raymond James began coverage on shares of MercadoLibre in a research report on Friday, September 27th. They set an “outperform” rating and a $2,350.00 price objective for the company. Finally, 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. Three 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $2,306.33.

MercadoLibre Profile

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.