MakeMyTrip (NASDAQ:MMYT) Sees Large Volume Increase Following Earnings Beat

MakeMyTrip Limited (NASDAQ:MMYT) shares saw strong trading volume on Wednesday following a better than expected earnings announcement. 1,326,976 shares were traded during trading, an increase of 41% from the previous session’s volume of 941,092 shares.The stock last traded at $70.7490 and had previously closed at $74.59.

The technology company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. MakeMyTrip had a net margin of 7.57% and a return on equity of 23.82%. The business had revenue of $295.70 million for the quarter, compared to analyst estimates of $306.29 million.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Bank of America reduced their target price on MakeMyTrip from $115.00 to $113.00 and set a “buy” rating for the company in a report on Wednesday, December 24th. Morgan Stanley reiterated an “overweight” rating on shares of MakeMyTrip in a research report on Wednesday, December 31st. Wall Street Zen lowered MakeMyTrip from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. Finally, Weiss Ratings assumed coverage on shares of MakeMyTrip in a research note on Thursday, October 30th. They set a “hold (c)” rating on the stock. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.33.

Hedge Funds Weigh In On MakeMyTrip

A number of institutional investors have recently added to or reduced their stakes in the stock. Schroder Investment Management Group grew its holdings in MakeMyTrip by 42.4% in the 2nd quarter. Schroder Investment Management Group now owns 5,628,019 shares of the technology company’s stock valued at $551,658,000 after buying an additional 1,674,538 shares in the last quarter. Norges Bank acquired a new position in shares of MakeMyTrip during the 2nd quarter valued at about $104,635,000. Man Group plc boosted its position in shares of MakeMyTrip by 6,434.6% during the 2nd quarter. Man Group plc now owns 632,747 shares of the technology company’s stock valued at $62,022,000 after acquiring an additional 623,064 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in shares of MakeMyTrip by 233.0% in the third quarter. Coronation Fund Managers Ltd. now owns 865,168 shares of the technology company’s stock valued at $80,980,000 after purchasing an additional 605,388 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in MakeMyTrip by 140.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 952,418 shares of the technology company’s stock worth $77,994,000 after purchasing an additional 555,620 shares during the last quarter. Hedge funds and other institutional investors own 51.89% of the company’s stock.

MakeMyTrip Stock Down 6.1%

The company has a debt-to-equity ratio of 38.85, a current ratio of 1.91 and a quick ratio of 1.91. The business’s 50 day simple moving average is $78.04 and its 200 day simple moving average is $88.35. The company has a market capitalization of $7.79 billion, a PE ratio of 109.48 and a beta of 0.66.

About MakeMyTrip

MakeMyTrip Inc is an online travel company that provides a comprehensive suite of travel products and services through its website and mobile app platform. The company’s offerings include air ticketing, hotel reservations, holiday packages, rail and bus ticket bookings, ancillary travel services such as travel insurance and visa assistance, and corporate travel management solutions. By leveraging technology-driven platforms, MakeMyTrip aims to deliver convenience, competitive pricing, and a seamless booking experience for both retail and business customers.

Founded in June 2000 by Deep Kalra, MakeMyTrip has grown to become one of India’s leading travel technology firms.