MakeMyTrip (NASDAQ:MMYT) Stock Price Up 9.4% – Here’s What Happened

Shares of MakeMyTrip Limited (NASDAQ:MMYT) rose 9.4% on Wednesday . The stock traded as high as $58.34 and last traded at $58.3250. Approximately 963,865 shares traded hands during trading, a decline of 38% from the average session volume of 1,557,351 shares. The stock had previously closed at $53.29.

Analyst Upgrades and Downgrades

Several research firms have commented on MMYT. The Goldman Sachs Group set a $84.00 price objective on shares of MakeMyTrip in a report on Saturday, June 27th. Citigroup reiterated a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. Zacks Research cut shares of MakeMyTrip from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Wall Street Zen upgraded MakeMyTrip from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, HSBC initiated coverage on MakeMyTrip in a research report on Thursday. They issued a “buy” rating and a $70.00 price target for the company. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $86.75.

MakeMyTrip Price Performance

The stock has a 50 day moving average of $46.39 and a 200 day moving average of $55.03. The firm has a market cap of $6.48 billion, a P/E ratio of 233.08 and a beta of 0.98.

Hedge Funds Weigh In On MakeMyTrip

A number of hedge funds have recently bought and sold shares of MMYT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of MakeMyTrip by 11.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,755 shares of the technology company’s stock valued at $1,642,000 after buying an additional 1,721 shares during the period. Daiwa Securities Group Inc. grew its holdings in MakeMyTrip by 24.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,424 shares of the technology company’s stock worth $336,000 after acquiring an additional 679 shares in the last quarter. Nebula Research & Development LLC increased its position in shares of MakeMyTrip by 9.2% in the 2nd quarter. Nebula Research & Development LLC now owns 15,890 shares of the technology company’s stock valued at $1,558,000 after purchasing an additional 1,345 shares during the last quarter. Sei Investments Co. raised its holdings in shares of MakeMyTrip by 14.9% in the 2nd quarter. Sei Investments Co. now owns 520,853 shares of the technology company’s stock valued at $51,054,000 after purchasing an additional 67,367 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of MakeMyTrip by 108.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 201,101 shares of the technology company’s stock worth $19,712,000 after purchasing an additional 104,641 shares during the last quarter. Hedge funds and other institutional investors own 51.89% of the company’s stock.

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.