5 High Growth NASDAQ Stocks That Are Profitable

3. MercadoLibre Inc (NASDAQ:MELI)

Number of Hedge Fund Investors: 76

Argentina-based MercadoLibre Inc (NASDAQ:MELI) shares in November received an upgrade in rating from BofA Securities to Buy from Neutral. BofA also increased its price target on the stock to $2000.

A total of 76 hedge funds out of the 910 hedge funds tracked by Insider Monkey had stakes in MercadoLibre Inc (NASDAQ:MELI). The most significant stakeholder of MercadoLibre Inc (NASDAQ:MELI) during this period was David Blood And Al Gore’s Generation Investment Management which owns a $609 million stake in MercadoLibre Inc (NASDAQ:MELI).

Polen International Growth Strategy made the following comment about MercadoLibre, Inc. (NASDAQ:MELI) in its Q3 2023 investor letter:

“According to our research, MercadoLibre, Inc. (NASDAQ:MELI) continues to demonstrate all the signs of a strengthening e-commerce/fintech platform. In the most recent quarter, the company reported revenue growth of nearly 60% in local currency terms despite very difficult growth comparisons from the past two to three years. As we see it, nearly all key metrics for the company continue to trend very positively.”