Synergy Asset Management LLC Sells 1,178 Shares of MercadoLibre, Inc. (NASDAQ:MELI)

Synergy Asset Management LLC reduced its position in shares of MercadoLibre, Inc. (NASDAQ:MELI) by 15.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 6,644 shares of the company’s stock after selling 1,178 shares during the quarter. MercadoLibre makes up approximately 1.7% of Synergy Asset Management LLC’s holdings, making the stock its 17th biggest holding. Synergy Asset Management LLC’s holdings in MercadoLibre were worth $10,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. O Dell Group LLC raised its holdings in MercadoLibre by 2.1% in the 1st quarter. O Dell Group LLC now owns 294 shares of the company’s stock worth $445,000 after purchasing an additional 6 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in MercadoLibre by 1.0% in the 2nd quarter. Belpointe Asset Management LLC now owns 618 shares of the company’s stock worth $1,016,000 after purchasing an additional 6 shares in the last quarter. Wealthspire Advisors LLC raised its holdings in MercadoLibre by 1.8% in the 4th quarter. Wealthspire Advisors LLC now owns 391 shares of the company’s stock worth $614,000 after purchasing an additional 7 shares in the last quarter. Independent Advisor Alliance raised its holdings in MercadoLibre by 1.2% in the 4th quarter. Independent Advisor Alliance now owns 586 shares of the company’s stock worth $921,000 after purchasing an additional 7 shares in the last quarter. Finally, Hilltop National Bank raised its holdings in MercadoLibre by 14.3% in the 2nd quarter. Hilltop National Bank now owns 56 shares of the company’s stock worth $92,000 after purchasing an additional 7 shares in the last quarter. 87.62% of the stock is currently owned by institutional investors.

MercadoLibre Stock Performance

Shares of NASDAQ MELI traded down $12.69 during trading on Friday, reaching $2,025.49. 12,839 shares of the company traded hands, compared to its average volume of 359,000. The firm has a 50 day simple moving average of $1,807.59 and a 200-day simple moving average of $1,658.61. The company has a quick ratio of 1.26, a current ratio of 1.28 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $102.69 billion, a PE ratio of 91.19, a P/E/G ratio of 1.36 and a beta of 1.60. MercadoLibre, Inc. has a 52-week low of $1,141.04 and a 52-week high of $2,064.76.

MercadoLibre (NASDAQ:MELI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $10.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.53 by $1.95. The firm had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $4.64 billion. MercadoLibre had a net margin of 8.03% and a return on equity of 43.52%. The business’s quarterly revenue was up 41.5% compared to the same quarter last year. During the same quarter last year, the firm posted $5.16 EPS. Equities research analysts anticipate that MercadoLibre, Inc. will post 35.22 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on MELI shares. Barclays upped their price objective on shares of MercadoLibre from $2,000.00 to $2,100.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Jefferies Financial Group upgraded shares of MercadoLibre from a “hold” rating to a “buy” rating and increased their price target for the stock from $1,400.00 to $2,100.00 in a research note on Monday, May 20th. Citigroup increased their price target on shares of MercadoLibre from $2,000.00 to $2,200.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. BTIG Research increased their price target on shares of MercadoLibre from $2,025.00 to $2,250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Finally, The Goldman Sachs Group increased their price target on shares of MercadoLibre from $2,180.00 to $2,480.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,141.25.

MercadoLibre Company 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.