5 Best Fintech Stocks To Buy In 2024

4. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 76

MercadoLibre, Inc. (NASDAQ:MELI) operates online commerce platforms in Latin America. Its main platforms include Mercado Libre Marketplace, an automated online commerce platform for businesses and individuals, and Mercado Pago FinTech, a financial technology solution facilitating online transactions and payments. The company also offers services such as Mercado Fondo for investment, Mercado Credito for loans, and Mercado Envios for logistics solutions. MercadoLibre, Inc. (NASDAQ:MELI) is one of the best fintech stocks to monitor. 

On November 1, MercadoLibre, Inc. (NASDAQ:MELI) reported a Q3 GAAP EPS of $7.18 and a revenue of $3.8 billion, outperforming Wall Street estimates by $1.35 and $250 million, respectively. Revenue for the period increased 41.3% during the quarter. 

According to Insider Monkey’s third quarter database, 76 hedge funds were bullish on MercadoLibre, Inc. (NASDAQ:MELI), compared to 77 funds in the prior quarter. David Blood and Al Gore’s Generation Investment Management is the leading position holder in the company, with 480,480 shares worth over $609 million. 

Artisan Developing World Fund stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its fourth quarter 2023 investor letter:

“Top contributors to performance for the quarter included Latin American marketplace MercadoLibre, Inc. (NASDAQ:MELI). MercadoLibre benefited from share gains in e-commerce, resilient performance in fintech including increased credit card disbursements, and a positive presidential election outcome in Argentina.

Moreover, we have marginally reduced portfolio concentration over the course of the year. Essentially, 2022 was a moment of extremely low reinvestment risk that allowed us to deemphasize China and other holdings, while concentrating around a handful of financially and strategically sound investments such as Nvidia, MercadoLibre, Airbnb and CrowdStrike. With these investments having largely reflated, we have sought to redistribute some of this capital while retaining significant residual positions. It is our hope that these actions can enhance our ability to execute our investment program if, for example, market exuberance about monetary policy proves excessive.”