MakeMyTrip (NASDAQ:MMYT) Stock Price Breaks Above 200-Day Moving Average – Should You Sell?

MakeMyTrip Limited (NASDAQ:MMYT)’s share price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $50.54 and traded as high as $51.64. MakeMyTrip shares last traded at $50.75, with a volume of 1,280,671 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Zacks Research downgraded shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Wall Street Zen raised shares of MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Weiss Ratings upgraded MakeMyTrip from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 26th. Finally, Bank of America decreased their target price on MakeMyTrip from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, October 27th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.25.

MakeMyTrip Stock Performance

The firm has a market capitalization of $4.81 billion, a P/E ratio of 29.80 and a beta of 1.04. The stock has a 50-day moving average of $47.64 and a 200 day moving average of $50.31.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings data on Monday, October 26th. The technology company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.43. The firm had revenue of $235.16 million during the quarter, compared to analysts’ expectations of $269.09 million. MakeMyTrip had a net margin of 3.91% and a negative return on equity of 312.82%. On average, equities analysts predict that MakeMyTrip Limited will post 1.54 EPS for the current year.

Insider Buying and Selling at MakeMyTrip

In other news, CEO Rajesh Magow sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $45.25, for a total value of $905,000.00. Following the transaction, the chief executive officer owned 20,000 shares in the company, valued at $905,000. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.30% of the stock is owned by insiders.

Institutional Investors Weigh In On MakeMyTrip

Several hedge funds have recently added to or reduced their stakes in MMYT. Allworth Financial LP raised its position in MakeMyTrip by 45.9% during the third quarter. Allworth Financial LP now owns 1,468 shares of the technology company’s stock valued at $69,000 after purchasing an additional 462 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of MakeMyTrip by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,441,643 shares of the technology company’s stock valued at $68,838,000 after buying an additional 59,222 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in MakeMyTrip during the third quarter valued at approximately $3,455,000. Avestar Capital LLC bought a new position in MakeMyTrip in the third quarter worth about $4,077,000. Finally, Signaturefd LLC increased its position in MakeMyTrip by 9.0% during the 3rd quarter. Signaturefd LLC now owns 7,309 shares of the technology company’s stock valued at $345,000 after buying an additional 602 shares in the last quarter. Institutional investors own 51.89% of the company’s stock.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company serving consumers in India and international travelers booking trips to and from the country. Founded in 2000 by Deep Kalra, the company operates through a portfolio of travel brands, including MakeMyTrip, Goibibo and redBus.

The company provides online and mobile booking services for domestic and international flights, hotels and other accommodations, holiday packages, trains, buses, car rentals and airport transfers. Through redBus, it also offers bus ticketing services across India and selected international markets.