Coronation Fund Managers Ltd. Buys 280,923 Shares of MakeMyTrip Limited $MMYT

Coronation Fund Managers Ltd. raised its position in shares of MakeMyTrip Limited (NASDAQ:MMYT) by 22.5% in the first quarter, HoldingsChannel reports. The fund owned 1,532,202 shares of the technology company’s stock after acquiring an additional 280,923 shares during the period. MakeMyTrip accounts for approximately 2.6% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 11th largest holding. Coronation Fund Managers Ltd.’s holdings in MakeMyTrip were worth $57,136,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in shares of MakeMyTrip by 780.3% during the fourth quarter. Royal Bank of Canada now owns 2,274,679 shares of the technology company’s stock worth $186,797,000 after buying an additional 2,016,281 shares in the last quarter. Capital Research Global Investors acquired a new position in shares of MakeMyTrip in the fourth quarter valued at about $150,069,000. Temasek Holdings Private Ltd bought a new position in MakeMyTrip during the first quarter worth about $63,447,000. Norges Bank acquired a new stake in MakeMyTrip in the 4th quarter worth about $90,284,000. Finally, Wasatch Advisors LP raised its stake in MakeMyTrip by 64.2% in the 1st quarter. Wasatch Advisors LP now owns 2,339,741 shares of the technology company’s stock worth $87,249,000 after purchasing an additional 914,402 shares in the last quarter. Institutional investors and hedge funds own 51.89% of the company’s stock.

MakeMyTrip Trading Down 8.6%

Shares of NASDAQ:MMYT opened at $51.64 on Thursday. The firm has a 50 day moving average of $49.00 and a 200-day moving average of $52.27. MakeMyTrip Limited has a 12 month low of $32.67 and a 12 month high of $104.99. The stock has a market capitalization of $5.75 billion, a PE ratio of 206.56 and a beta of 0.98.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MMYT shares. HSBC started coverage on shares of MakeMyTrip in a research report on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price on the stock. The Goldman Sachs Group set a $84.00 price target on MakeMyTrip in a research note on Saturday, June 27th. Wall Street Zen downgraded MakeMyTrip from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Zacks Research upgraded MakeMyTrip from a “strong sell” rating to a “strong-buy” rating in a research note on Monday. Finally, Citigroup reaffirmed a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. One research 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 stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $86.75.

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.