Redburn Atlantic Rates MercadoLibre as a “Buy” Amid Increased Institutional Interest
On October 11, 2024, Redburn Atlantic began coverage of MercadoLibre (WBAG:MELI) with a Buy designation. This marks a pivotal moment for the online commerce giant.
Institutional Investor Activity on the Rise
Currently, there are 2,006 funds or institutions reporting their positions in MercadoLibre. This figure reflects a rise of 57, or 2.92%, over the past quarter. On average, each fund allocates 0.91% of its portfolio to MELI, which is an increase of 1.85%. In total, institutional ownership has grown by 4.74% in three months, totaling 50,801K shares.
Baillie Gifford owns 4,846K shares, accounting for 9.56% of the company. Previously, they reported ownership of 5,037K shares, indicating a decrease of 3.93%. However, Baillie Gifford has ramped up its investment in MELI by 4.74% recently.
Capital Research Global Investors holds 2,331K shares, translating to 4.60% ownership. Their last report showed 2,360K shares held, resulting in a 1.26% decrease. They, too, have increased their investment by 4.10% over the last quarter.
Jpmorgan Chase’s holdings stand at 1,814K shares, or 3.58% ownership. Their previous holding was 2,077K shares, showing a significant drop of 14.51%. This firm has cut back its investment in MELI by 7.82% in the last quarter.
Meanwhile, Jennison Associates holds 1,804K shares, equating to 3.56% ownership. They reported 1,797K shares before, reflecting a minor increase of 0.35%. Jennison Associates has boosted its MELI allocation by 4.56% in recent months.
Lastly, the Vanguard International Growth Fund Investor Shares, represented by the VWIGX fund, owns 1,289K shares or 2.54%. They noted a decline from a previous 1,361K shares, a reduction of 5.58%. Nonetheless, they recently increased their position in MELI by 0.42%.
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