Van ECK Associates Corp Sells 1,690 Shares of MakeMyTrip Limited (MMYT)
Van ECK Associates Corp cut its position in shares of MakeMyTrip Limited (NASDAQ:MMYT) by 7.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,387 shares of the technology company’s stock after selling 1,690 shares during the quarter. Van ECK Associates Corp’s holdings in MakeMyTrip were worth $737,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in MakeMyTrip by 824.4% during the first quarter. Barclays PLC now owns 2,921 shares of the technology company’s stock worth $101,000 after purchasing an additional 2,605 shares during the period. Citigroup Inc. lifted its stake in MakeMyTrip by 123.6% during the first quarter. Citigroup Inc. now owns 3,454 shares of the technology company’s stock worth $120,000 after purchasing an additional 1,909 shares during the period. Harbour Capital Advisors LLC bought a new position in MakeMyTrip during the second quarter worth about $200,000. Cubist Systematic Strategies LLC bought a new position in MakeMyTrip during the first quarter worth about $241,000. Finally, Legal & General Group Plc lifted its stake in MakeMyTrip by 38.9% during the first quarter. Legal & General Group Plc now owns 11,506 shares of the technology company’s stock worth $399,000 after purchasing an additional 3,222 shares during the period. 43.00% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:MMYT opened at $28.50 on Monday. MakeMyTrip Limited has a 1 year low of $22.40 and a 1 year high of $41.70. The company has a market capitalization of $2.92 billion, a PE ratio of -13.07 and a beta of -0.16.
A number of brokerages have commented on MMYT. Bank of America raised their price target on shares of MakeMyTrip from $39.50 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 11th. Zacks Investment Research upgraded shares of MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. ValuEngine cut shares of MakeMyTrip from a “buy” rating to a “hold” rating in a research note on Thursday, September 6th. BidaskClub cut shares of MakeMyTrip from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 22nd. Finally, Jefferies Financial Group upgraded shares of MakeMyTrip from a “hold” rating to a “buy” rating and set a $19.80 price target for the company in a research note on Wednesday, August 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.30.
MakeMyTrip Limited, an online travel company, engages in the business of selling travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, China, Colombia, and Peru. It operates through two segments, Air Ticketing, and Hotels and Packages. The company's services and products include air tickets, hotels, packages, rail tickets, bus tickets, and car hire, as well as ancillary travel requirements, such as facilitating access to travel insurance and visa processing.
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