5 Best Fast Growth Stocks to Buy Now

4. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 75

Online marketplace company MercadoLibre, Inc. (NASDAQ:MELI) ranks 4th in our list of the best fast growth stocks to buy now. During the fourth quarter MercadoLibre, Inc. (NASDAQ:MELI)’s revenue increased by 41% year over year to reach $3 billion, beating estimates by $40 million. GAAP EPS in the quarter came in at $3.25, beating estimates by $0.93.

Insider Monkey’s database of 943 hedge funds shows that 75 hedge funds had stakes in MercadoLibre, Inc. (NASDAQ:MELI) as of the end of the fourth quarter of 2022. The total worth of these stakes was $3.2 billion.

Lakehouse Capital made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its February 2023 investor letter:

“Despite ongoing macro concerns, Buenos Aires-based e-commerce leader MercadoLibre, Inc. (NASDAQ:MELI) delivered a strong result to finish off the year with an impressive balance of growth and profitability. The company reported record levels of operating income and margin expansion, all whilst maintaining 40%-plus top-line growth. Its marketplace business experienced double digit growth across all key markets – namely Brazil, Argentina and Mexico – and generated $9.6 billion in gross merchandise value, up 35% year-on-year. The platform’s key metrics remained healthy with market share gains across primary markets and unique buyers increasing 13% to its highest level ever of 46 million.

The company’s fintech business also continued to grow at a rapid clip, with total payment volume growing 45% year-on-year to US$36 billion. Unique active fintech users were up 27% to 44 million, driven by higher engagement across all regions, particularly Argentina and Mexico. Importantly, the company has invested heavily in their fintech solution, MercadoPago, over the last couple of years to build out the product stack, and in our view, is now well-positioned to become a leading financial services provider in the region. Overall, we remain strong supporters of the business and still believe it’s early days as the combination of relatively nascent penetration of ecommerce and a large underbanked population in Latin America provide an excellent foundation for future growth.”