MakeMyTrip (NASDAQ:MMYT) Hits New 1-Year Low on Analyst Downgrade

MakeMyTrip Limited (NASDAQ:MMYT)’s share price reached a new 52-week low during mid-day trading on Thursday after Citigroup lowered their price target on the stock from $108.00 to $96.00. Citigroup currently has a buy rating on the stock. MakeMyTrip traded as low as $65.53 and last traded at $65.54, with a volume of 4966496 shares. The stock had previously closed at $74.59.

A number of other equities research analysts have also recently weighed in on the company. Weiss Ratings assumed coverage on MakeMyTrip in a report on Thursday, October 30th. They set a “hold (c)” rating on the stock. Morgan Stanley restated an “overweight” rating on shares of MakeMyTrip in a research report on Wednesday, December 31st. Bank of America cut their target price on MakeMyTrip from $115.00 to $113.00 and set a “buy” rating on the stock in a research note on Wednesday, December 24th. Finally, Wall Street Zen cut MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, MakeMyTrip currently has an average rating of “Moderate Buy” and an average target price of $106.33.

Institutional Investors Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $1,642,000 after purchasing an additional 1,721 shares during the last quarter. Rhumbline Advisers grew its position in MakeMyTrip by 31.6% in the first quarter. Rhumbline Advisers now owns 2,768 shares of the technology company’s stock worth $271,000 after buying an additional 664 shares during the last quarter. Farther Finance Advisors LLC bought a new position in shares of MakeMyTrip in the second quarter valued at $50,000. Ballentine Partners LLC lifted its position in shares of MakeMyTrip by 16.5% during the 2nd quarter. Ballentine Partners LLC now owns 3,637 shares of the technology company’s stock valued at $356,000 after acquiring an additional 516 shares during the last quarter. Finally, Banque Pictet & Cie SA boosted its stake in shares of MakeMyTrip by 38.8% during the 2nd quarter. Banque Pictet & Cie SA now owns 28,669 shares of the technology company’s stock worth $2,810,000 after acquiring an additional 8,007 shares in the last quarter. 51.89% of the stock is owned by institutional investors and hedge funds.

MakeMyTrip Trading Down 5.7%

The company has a debt-to-equity ratio of 38.85, a quick ratio of 1.91 and a current ratio of 1.85. The firm has a market capitalization of $6.96 billion, a P/E ratio of 130.42, a price-to-earnings-growth ratio of 1.84 and a beta of 0.66. The firm has a 50 day moving average price of $77.34 and a two-hundred day moving average price of $87.81.

MakeMyTrip (NASDAQ:MMYT) last announced its earnings results on Wednesday, January 21st. The technology company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. MakeMyTrip had a return on equity of 48.06% and a net margin of 5.46%.The business had revenue of $295.70 million during the quarter, compared to the consensus estimate of $306.29 million. On average, equities research analysts expect that MakeMyTrip Limited will post 1.27 EPS for the current fiscal year.

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.