Citigroup Cuts MakeMyTrip (NASDAQ:MMYT) Price Target to $96.00

MakeMyTrip (NASDAQ:MMYT) had its price target cut by Citigroup from $108.00 to $96.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price would suggest a potential upside of 40.94% from the stock’s previous close.

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

MakeMyTrip Stock Performance

MMYT traded down $6.47 on Wednesday, reaching $68.12. The company had a trading volume of 3,048,925 shares, compared to its average volume of 1,101,309. MakeMyTrip has a 1 year low of $66.41 and a 1 year high of $120.72. The stock has a market capitalization of $7.58 billion, a PE ratio of 106.30 and a beta of 0.66. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 38.85. The stock has a 50-day moving average price of $78.04 and a 200-day moving average price of $88.35.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings data on Wednesday, January 21st. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. MakeMyTrip had a return on equity of 23.82% and a net margin of 7.57%.The company had revenue of $295.70 million for the quarter, compared to analyst estimates of $306.29 million. As a group, research analysts forecast that MakeMyTrip will post 1.27 EPS for the current fiscal year.

Institutional Trading of MakeMyTrip

Several hedge funds have recently modified their holdings of the business. Arta Finance Wealth Management LLC purchased a new position in shares of MakeMyTrip in the fourth quarter valued at $606,000. Palisades Investment Partners LLC grew its stake in MakeMyTrip by 1.6% in the 4th quarter. Palisades Investment Partners LLC now owns 119,375 shares of the technology company’s stock valued at $9,803,000 after acquiring an additional 1,911 shares during the last quarter. Aberdeen Group plc raised its position in MakeMyTrip by 21.0% during the fourth quarter. Aberdeen Group plc now owns 260,177 shares of the technology company’s stock worth $21,366,000 after acquiring an additional 45,100 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in shares of MakeMyTrip by 30.8% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 12,717 shares of the technology company’s stock valued at $1,044,000 after purchasing an additional 2,994 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of MakeMyTrip by 140.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 952,418 shares of the technology company’s stock valued at $77,994,000 after purchasing an additional 555,620 shares during the last quarter. 51.89% of the stock is owned by institutional investors and hedge funds.

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.