5 Best Ecommerce Stocks to Buy Now

4. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 68  

MercadoLibre, Inc. (NASDAQ:MELI) operates online commerce platforms in Latin America. It is one of the elite ecommerce stocks to invest in. On October 6, Jefferies analyst John Colantuoni maintained a Hold rating on MercadoLibre, Inc. (NASDAQ:MELI) stock and lowered the price target to $970 from $990, noting that the reduced estimates and price targets reflected the slowing macro environment.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in MercadoLibre, Inc. (NASDAQ:MELI), with 934,000 shares worth more than $594.8 million. 

In its Q2 2022 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and MercadoLibre, Inc. (NASDAQ:MELI) was one of them. Here is what the fund said:

“As written in our Q4 2021 commentary, some significant differences exist between the underlying profitability of ecommerce companies in emerging markets. However, MercadoLibre, Inc. (NASDAQ:MELI) was punished during the quarter in part because of the sector it happens to operate in. Given its robust cash flow generation, we believe MercadoLibre is well-poised to continue delivering solid cash flows that will enable it to support its operations fully. Going forward, we expect the business to continue growing and providing value-added services to its customers across the continent. In turn, we capitalized on the weakness during the quarter to opportunistically increase our position in MercadoLibre.”