Synergy Asset Management LLC Invests $11.83 Million in MercadoLibre, Inc. (NASDAQ:MELI)

Synergy Asset Management LLC purchased a new stake in shares of MercadoLibre, Inc. (NASDAQ:MELI) during the 1st quarter, Holdings Channel reports. The fund purchased 7,822 shares of the company’s stock, valued at approximately $11,827,000. MercadoLibre makes up 2.0% of Synergy Asset Management LLC’s holdings, making the stock its 16th biggest position.

A number of other hedge funds have also bought and sold shares of the company. First PREMIER Bank purchased a new stake in MercadoLibre in the 1st quarter worth about $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in MercadoLibre in the fourth quarter worth $28,000. Archer Investment Corp purchased a new position in shares of MercadoLibre during the fourth quarter worth approximately $31,000. Larson Financial Group LLC purchased a new stake in shares of MercadoLibre in the fourth quarter valued at approximately $36,000. Finally, DSM Capital Partners LLC bought a new stake in MercadoLibre during the 4th quarter valued at $36,000. Institutional investors own 87.62% of the company’s stock.

MercadoLibre Stock Up 1.0 %

Shares of NASDAQ MELI traded up $15.20 during midday trading on Tuesday, hitting $1,612.80. The company’s stock had a trading volume of 119,924 shares, compared to its average volume of 374,650. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.27 and a quick ratio of 1.25. The firm has a market capitalization of $81.77 billion, a price-to-earnings ratio of 70.96, a price-to-earnings-growth ratio of 1.20 and a beta of 1.60. The business’s fifty day simple moving average is $1,616.76 and its two-hundred day simple moving average is $1,607.24. MercadoLibre, Inc. has a 1 year low of $1,063.02 and a 1 year high of $1,825.00.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $6.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.64 by $0.14. MercadoLibre had a return on equity of 39.46% and a net margin of 7.17%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the previous year, the business earned $3.97 EPS. MercadoLibre’s revenue for the quarter was up 36.0% on a year-over-year basis. On average, equities analysts predict that MercadoLibre, Inc. will post 33.81 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MELI. Citigroup decreased their price objective on MercadoLibre from $1,990.00 to $1,940.00 and set a “buy” rating for the company in a report on Wednesday, March 27th. New Street Research lowered shares of MercadoLibre from a “buy” rating to a “neutral” rating in a research note on Friday, May 24th. Jefferies Financial Group raised MercadoLibre from a “hold” rating to a “buy” rating and upped their target price for the company from $1,400.00 to $2,100.00 in a research report on Monday, May 20th. Barclays raised their price objective on MercadoLibre from $1,800.00 to $2,000.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Finally, UBS Group reduced their target price on shares of MercadoLibre from $1,900.00 to $1,800.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, MercadoLibre presently has a consensus rating of “Moderate Buy” and an average target price of $1,881.92.

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.