5 Best Cyclical Stocks To Invest In

4. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 77   

MercadoLibre Inc. (NASDAQ:MELI) operates online commerce platforms in Latin America. The firm is expected to announce earnings for the third quarter of 2023 in the coming days. Analysts expect the company to beat the market expectations on earnings per share and revenue. The former is expected to increase 121% year-on-year and the latter 32% year-on-year. In the last few months, there have been four upwards revisions in these estimates as the firm continues to outperform in the ecommerce space. 

On October 16, investment advisory Barclays maintained an Overweight rating on MercadoLibre, Inc. (NASDAQ:MELI) stock and lowered the price target to $1,550 from $1,625, noting there was investor fatigue around health of consumer debate heading into Q3 reports.

Among the hedge funds being tracked by Insider Monkey, London-based investment firm Generation Investment Management is a leading shareholder in MercadoLibre Inc. (NASDAQ:MELI) with 580,023 shares worth more than $687 million. 

In its Q3 2023 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and MercadoLibre, Inc. (NASDAQ:MELI) was one of them. Here is what the fund said:

“Top contributors to performance for the quarter included Latin American marketplace MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre rose as a result of continued share gains across key markets and supportive Brazilian regulations aimed at creating a level playing field in cross-border e-commerce.”