5 Best Aggressive Growth Stocks To Buy According to Hedge Funds

4. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 77

Online marketplaces company MercadoLibre, Inc. (NASDAQ:MELI) is one of the top aggressive growth stocks to buy according to hedge funds. MercadoLibre, Inc. (NASDAQ:MELI) is expected to see sales growth of about 31.5% this year, according to Yahoo Finance data.

As of the end of the second quarter of 2023, 77 hedge funds tracked by Insider Monkey had stakes in MercadoLibre, Inc. (NASDAQ:MELI). The most significant stakeholder of MercadoLibre, Inc. (NASDAQ:MELI) was David Blood and Al Gore’s Generation Investment Management which owns a $687 million stake in the company.

Alger Spectra Fund made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q2 2023 investor letter:

“MercadoLibre, Inc. (NASDAQ:MELI) is the largest e-commerce company in Latin America, with its largest markets being Brazil, Argentina, and Mexico. The company offers a comprehensive suite of services, including an online marketplace for buyers and sellers, payment solutions through Mercado Pago, merchant and buyer financing through Mercado Credito, shipping services through Mercado Envios, and asset management through Mercado Fondo, among other services. We believe the e-commerce market within Latin America remains underpenetrated, creating a favorable backdrop for MercadoLibre, as they have been growing and investing heavily to expand its first mover advantage. Moreover, the company’s growing fintech payments business. Mercado Pago. is well-positioned to potentially emerge as a leader in Latin America, as well as an emerging online advertising presence which offers attractive margin expansion potential, in our view. While the company posted strong quarterly results, shares fell on fears that their exposure to Argentina, which saw its currency devalued, would impact company revenues in the near-term.”