Synovus Financial Corp Reduces Holdings in MercadoLibre, Inc. (NASDAQ:MELI)

Synovus Financial Corp reduced its position in MercadoLibre, Inc. (NASDAQ:MELI) by 14.6% in the third quarter, HoldingsChannel.com reports. The institutional investor 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 SEC filing.

Several other large investors also recently modified their holdings of MELI. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in MercadoLibre by 1,600.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 17 shares of the company’s stock valued at $28,000 after purchasing an additional 16 shares during the last quarter. Optimum Investment Advisors raised its position in shares of MercadoLibre by 750.0% in the 3rd quarter. Optimum Investment Advisors now owns 17 shares of the company’s stock valued at $35,000 after purchasing an additional 15 shares in the last quarter. Financial Connections Group Inc. acquired a new position in shares of MercadoLibre in the 2nd quarter valued at approximately $36,000. Quarry LP purchased a new position in shares of MercadoLibre during the 2nd quarter valued at approximately $43,000. Finally, Legacy Bridge LLC grew its position in shares of MercadoLibre by 53.3% during the third quarter. Legacy Bridge LLC now owns 23 shares of the company’s stock worth $47,000 after buying an additional 8 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Emiliano Calemzuk sold 50 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 238 shares in the company, valued at $472,425.24. This trade represents a 17.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on MELI shares. Wedbush reaffirmed an “outperform” rating and issued a $2,200.00 price target (up from $2,000.00) on shares of MercadoLibre in a report on Thursday, November 7th. Cantor Fitzgerald cut their target price on shares of MercadoLibre from $2,530.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Citigroup decreased their price target on MercadoLibre from $2,480.00 to $2,450.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Redburn Atlantic initiated coverage on MercadoLibre in a research note on Friday, October 11th. They set a “buy” rating and a $2,800.00 price objective on the stock. Finally, Barclays decreased their target price on 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. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,267.67.

MercadoLibre Stock Down 2.5 %

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

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.