Synovus Financial Corp Sells 1,453 Shares of MercadoLibre, Inc. $MELI

Key Points

• Synovus Financial Corp reduced its stake in MercadoLibre, Inc. by 74.0%, holding just 510 shares worth approximately $997,000 as of the latest SEC filing.
• Multiple institutional investors made changes to their positions in MercadoLibre, with Close Asset Management Ltd increasing its stake by 366.7% and Brooklyn Investment Group by 650.0% in the first quarter.
• Despite missing earnings estimates, MercadoLibre reported a revenue increase of 33.8% year-over-year, with quarterly revenue of $6.79 billion.

Synovus Financial Corp lowered its position in shares of MercadoLibre, Inc. (NASDAQ:MELI - Free Report) by 74.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 510 shares of the company's stock after selling 1,453 shares during the quarter. Synovus Financial Corp's holdings in MercadoLibre were worth $997,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Meiji Yasuda Life Insurance Co lifted its position in shares of MercadoLibre by 0.5% during the 4th quarter. Meiji Yasuda Life Insurance Co now owns 999 shares of the company's stock worth $1,699,000 after buying an additional 5 shares in the last quarter. Formidable Asset Management LLC raised its holdings in shares of MercadoLibre by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 160 shares of the company's stock worth $272,000 after purchasing an additional 5 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of MercadoLibre by 4.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 118 shares of the company's stock worth $201,000 after purchasing an additional 5 shares during the period. Sonora Investment Management Group LLC raised its holdings in shares of MercadoLibre by 3.1% in the 1st quarter. Sonora Investment Management Group LLC now owns 168 shares of the company's stock worth $328,000 after purchasing an additional 5 shares during the period. Finally, Beacon Capital Management LLC raised its holdings in shares of MercadoLibre by 8.3% in the 1st quarter. Beacon Capital Management LLC now owns 65 shares of the company's stock worth $127,000 after purchasing an additional 5 shares during the period. Institutional investors own 87.62% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MELI. Wedbush set a $2,700.00 price objective on shares of MercadoLibre and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Raymond James Financial reiterated a "strong-buy" rating and issued a $2,750.00 price objective on shares of MercadoLibre in a research note on Tuesday, August 5th. The Goldman Sachs Group boosted their price target on shares of MercadoLibre from $2,640.00 to $3,000.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. JPMorgan Chase & Co. boosted their price target on shares of MercadoLibre from $2,600.00 to $2,700.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Jefferies Financial Group restated a "hold" rating and set a $2,800.00 price target on shares of MercadoLibre in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,817.22.

MercadoLibre Price Performance

NASDAQ:MELI traded up $0.62 during midday trading on Monday, hitting $2,472.91. The company had a trading volume of 292,481 shares, compared to its average volume of 386,617. MercadoLibre, Inc. has a 52-week low of $1,646.00 and a 52-week high of $2,645.22. The stock's fifty day moving average price is $2,413.70 and its 200-day moving average price is $2,291.82. The company has a market capitalization of $125.38 billion, a PE ratio of 61.07, a P/E/G ratio of 1.61 and a beta of 1.49. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 0.61.

MercadoLibre (NASDAQ:MELI - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $10.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $12.01 by ($1.70). MercadoLibre had a return on equity of 43.06% and a net margin of 8.52%.The company had revenue of $6.79 billion during the quarter, compared to analysts' expectations of $6.57 billion. During the same quarter last year, the firm posted $10.48 earnings per share. The firm's revenue was up 33.8% on a year-over-year basis. As a group, research analysts expect that MercadoLibre, Inc. will post 43.96 earnings per share for the current year.

About MercadoLibre

MercadoLibre, Inc operates online commerce platforms in the United States. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases digitally; and Mercado Pago FinTech platform, a financial technology solution platform, which facilitates transactions on and off its marketplaces by providing a mechanism that allows its users to send and receive payments online, as well as allows users to transfer money through their websites or on the apps.