Zacks Research Upgrades MakeMyTrip (NASDAQ:MMYT) to Strong-Buy

MakeMyTrip (NASDAQ:MMYT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts also recently commented on MMYT. Citigroup reiterated a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Wall Street Zen lowered MakeMyTrip from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. The Goldman Sachs Group set a $84.00 target price on MakeMyTrip in a research note on Saturday, June 27th. Finally, HSBC assumed coverage on MakeMyTrip in a report on Thursday, July 2nd. They issued a “buy” rating and a $70.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, MakeMyTrip presently has a consensus rating of “Buy” and an average target price of $86.75.

MakeMyTrip Stock Up 6.1%

MMYT stock opened at $56.49 on Monday. MakeMyTrip has a twelve month low of $32.67 and a twelve month high of $104.99. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of 225.96 and a beta of 0.98. The firm’s fifty day simple moving average is $48.83 and its two-hundred day simple moving average is $52.48.

Institutional Investors Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its position in MakeMyTrip by 780.3% in the 4th quarter. Royal Bank of Canada now owns 2,274,679 shares of the technology company’s stock valued at $186,797,000 after buying an additional 2,016,281 shares during the period. Capital Research Global Investors purchased a new position in shares of MakeMyTrip during the fourth quarter worth approximately $150,069,000. Temasek Holdings Private Ltd purchased a new position in shares of MakeMyTrip during the first quarter worth approximately $63,447,000. Norges Bank bought a new stake in shares of MakeMyTrip during the fourth quarter valued at approximately $90,284,000. Finally, Wasatch Advisors LP raised its stake in shares of MakeMyTrip by 64.2% during the first quarter. Wasatch Advisors LP now owns 2,339,741 shares of the technology company’s stock valued at $87,249,000 after acquiring an additional 914,402 shares in the last quarter. Institutional investors own 51.89% of the company’s stock.

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.