Apollon Wealth Management LLC Increases Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Apollon Wealth Management LLC grew its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 19.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 427 shares of the company’s stock after purchasing an additional 71 shares during the period. Apollon Wealth Management LLC’s holdings in MercadoLibre were worth $876,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of 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 purchasing an additional 16 shares in the last quarter. Optimum Investment Advisors increased its holdings in shares of MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock worth $35,000 after purchasing an additional 15 shares in the last quarter. Financial Connections Group Inc. bought a new stake in shares of MercadoLibre in the 2nd quarter worth $36,000. Quarry LP bought a new stake in shares of MercadoLibre in the 2nd quarter worth $43,000. Finally, NBC Securities Inc. increased its holdings in shares of MercadoLibre by 35.0% in the 3rd quarter. NBC Securities Inc. now owns 27 shares of the company’s stock worth $55,000 after purchasing an additional 7 shares in the last quarter. Institutional investors own 87.62% of the company’s stock.

Wall Street Analysts Forecast Growth

MELI has been the subject of a number of research analyst reports. StockNews.com lowered MercadoLibre from a “buy” rating to a “hold” rating in a report on Saturday, August 10th. Redburn Atlantic assumed coverage on MercadoLibre in a report on Friday, October 11th. They issued a “buy” rating and a $2,800.00 price objective for the company. Citigroup lifted their price objective on MercadoLibre from $2,200.00 to $2,480.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Cantor Fitzgerald cut their price objective on MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Finally, Raymond James assumed coverage on MercadoLibre in a report on Friday, September 27th. They issued an “outperform” rating and a $2,350.00 price objective for the company. Three investment 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’s stock. Based on data from MarketBeat, MercadoLibre has an average rating of “Moderate Buy” and an average price target of $2,269.67.

MercadoLibre Price Performance

Shares of MercadoLibre stock opened at $1,880.00 on Friday. The stock’s 50-day simple moving average is $2,039.73 and its 200-day simple moving average is $1,837.90. MercadoLibre, Inc. has a 52 week low of $1,324.99 and a 52 week high of $2,161.73. The company has a market capitalization of $95.32 billion, a price-to-earnings ratio of 66.20, a PEG ratio of 1.31 and a beta of 1.61. The company has a quick ratio of 1.22, a current ratio of 1.25 and a debt-to-equity ratio of 0.78.

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.