Wall Street Zen Downgrades MakeMyTrip (NASDAQ:MMYT) to Sell

MakeMyTrip (NASDAQ:MMYT) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Several other research firms also recently weighed in on MMYT. The Goldman Sachs Group set a $84.00 target price on MakeMyTrip in a research report on Saturday, June 27th. HSBC initiated coverage on MakeMyTrip in a research report on Thursday, July 2nd. They set a “buy” rating and a $70.00 price target for the company. Zacks Research downgraded MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Citigroup restated a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $86.75.

MakeMyTrip Price Performance

MMYT stock opened at $59.02 on Friday. The company’s 50-day simple moving average is $56.89 and its 200-day simple moving average is $50.21. MakeMyTrip has a 52-week low of $32.67 and a 52-week high of $103.24. The firm has a market cap of $5.55 billion, a P/E ratio of 491.83 and a beta of 0.98.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GeoWealth Management LLC increased its position in MakeMyTrip by 4.6% in the 3rd quarter. GeoWealth Management LLC now owns 3,861 shares of the technology company’s stock valued at $361,000 after acquiring an additional 169 shares during the period. Osaic Holdings Inc. lifted its position in MakeMyTrip by 10.2% during the 2nd quarter. Osaic Holdings Inc. now owns 2,028 shares of the technology company’s stock worth $199,000 after acquiring an additional 188 shares during the period. SBI Securities Co. Ltd. grew its stake in shares of MakeMyTrip by 33.9% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,097 shares of the technology company’s stock valued at $90,000 after purchasing an additional 278 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of MakeMyTrip by 244.8% in the 3rd quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after purchasing an additional 284 shares during the last quarter. Finally, FACT Capital LP grew its stake in shares of MakeMyTrip by 0.4% in the 4th quarter. FACT Capital LP now owns 69,641 shares of the technology company’s stock valued at $5,719,000 after purchasing an additional 292 shares during the last quarter. 51.89% of the stock is owned by hedge funds and other institutional investors.

MakeMyTrip Company Profile

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.