MakeMyTrip (NASDAQ:MMYT) Stock Jumps 6.5% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT)’s share price shot up 6.5% during trading on Thursday. The stock traded as high as $46.29 and last traded at $46.47. Approximately 65,944 shares traded hands during trading, a decline of 95% from the average daily volume of 1,289,689 shares. The stock had previously closed at $43.64.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank of America decreased their price target on MakeMyTrip from $71.00 to $60.00 and set a “buy” rating for the company in a report on Monday, September 28th. The Goldman Sachs Group set a $84.00 price objective on shares of MakeMyTrip in a research note on Saturday, June 27th. HSBC began coverage on shares of MakeMyTrip in a research note on Thursday, July 2nd. They issued a “buy” rating and a $70.00 price objective on the stock. Wall Street Zen downgraded shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research report on Saturday, October 10th. Finally, Zacks Research downgraded shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $73.50.

MakeMyTrip Stock Down 0.4%

The stock has a market cap of $4.38 billion, a PE ratio of 388.33 and a beta of 1.07. The business’s fifty day moving average is $52.08 and its 200 day moving average is $49.78.

Institutional Investors Weigh In On MakeMyTrip

Several institutional investors have recently modified their holdings of MMYT. EverSource Wealth Advisors LLC grew its holdings in shares of MakeMyTrip by 74.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company’s stock worth $37,000 after acquiring an additional 422 shares during the period. Rockefeller Capital Management L.P. raised its holdings in MakeMyTrip by 416.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company’s stock worth $56,000 after purchasing an additional 546 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in MakeMyTrip by 26.6% during the third quarter. Farther Finance Advisors LLC now owns 2,007 shares of the technology company’s stock worth $95,000 after purchasing an additional 422 shares during the last quarter. Confluence Investment Management LLC acquired a new position in MakeMyTrip during the second quarter worth $249,000. Finally, Inceptionr LLC boosted its position in MakeMyTrip by 101.3% during the first quarter. Inceptionr LLC now owns 10,058 shares of the technology company’s stock worth $375,000 after purchasing an additional 5,061 shares in the last quarter. Hedge funds and other institutional investors own 51.89% of the company’s stock.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company that operates consumer travel platforms in India and other markets. Founded in 2000 by Deep Kalra, the company provides digital tools for researching, planning and booking travel through its websites and mobile applications.

Its services include airline and rail ticketing, hotel and accommodation reservations, holiday packages, bus tickets, car rentals and airport transfers. MakeMyTrip also offers travel-related services such as activities, travel insurance and other ancillary products, depending on the market and booking channel.

The company operates the MakeMyTrip and Goibibo brands, as well as the redBus intercity bus-ticketing platform.