Synovus Financial Corp Decreases Stock Position in MercadoLibre, Inc. (NASDAQ:MELI)

Synovus Financial Corp trimmed its holdings in MercadoLibre, Inc. (NASDAQ:MELI) by 14.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,778 shares of the company’s stock after selling 303 shares during the period. Synovus Financial Corp’s holdings in MercadoLibre were worth $3,650,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its position in shares of MercadoLibre by 4.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,582 shares of the company’s stock worth $4,243,000 after purchasing an additional 100 shares during the last quarter. Blue Trust Inc. increased its position in MercadoLibre by 1,860.0% during the second quarter. Blue Trust Inc. now owns 196 shares of the company’s stock worth $296,000 after buying an additional 186 shares in the last quarter. Raymond James & Associates raised its holdings in shares of MercadoLibre by 4.8% in the second quarter. Raymond James & Associates now owns 34,840 shares of the company’s stock worth $57,256,000 after acquiring an additional 1,604 shares during the last quarter. Zhang Financial LLC lifted its position in shares of MercadoLibre by 1.7% in the second quarter. Zhang Financial LLC now owns 706 shares of the company’s stock valued at $1,160,000 after acquiring an additional 12 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in shares of MercadoLibre by 5.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 902 shares of the company’s stock valued at $1,482,000 after acquiring an additional 48 shares during the last quarter. 87.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of MercadoLibre from $2,500.00 to $2,450.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Barclays cut their price objective on shares of MercadoLibre from $2,500.00 to $2,200.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Bank of America raised their target price on shares of MercadoLibre from $2,250.00 to $2,500.00 and gave the stock a “buy” rating in a research report on Thursday, September 12th. Susquehanna boosted their price target on MercadoLibre from $2,300.00 to $2,350.00 and gave the company a “positive” rating in a report on Wednesday, August 28th. Finally, Citigroup reduced their price target on MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2,267.67.

Insider Transactions at MercadoLibre

In other news, Director Emiliano Calemzuk sold 50 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $1,984.98, for a total value of $99,249.00. Following the completion of the sale, the director now owns 238 shares in the company, valued at approximately $472,425.24. This trade represents a 17.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.06% of the company’s stock.

MercadoLibre Trading Down 2.5 %

NASDAQ MELI opened at $1,823.86 on Friday. The firm has a market capitalization of $92.46 billion, a price-to-earnings ratio of 64.36, a PEG ratio of 1.29 and a beta of 1.57. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.22 and a current ratio of 1.25. MercadoLibre, Inc. has a one year low of $1,324.99 and a one year high of $2,161.73. The company’s 50 day moving average price is $1,992.95 and its 200 day moving average price is $1,881.59.

MercadoLibre Profile

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.