MakeMyTrip (NASDAQ:MMYT) Stock Rating Lowered by Zacks Research

MakeMyTrip (NASDAQ:MMYT) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on MMYT. Citigroup reiterated a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. The Goldman Sachs Group set a $84.00 target price on MakeMyTrip in a report on Saturday, June 27th. HSBC assumed coverage on MakeMyTrip in a research report on Thursday, July 2nd. They issued a “buy” rating and a $70.00 price target for the company. Finally, Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, MakeMyTrip has a consensus rating of “Moderate Buy” and a consensus target price of $86.75.

MakeMyTrip Trading Up 3.0%

NASDAQ:MMYT opened at $61.24 on Tuesday. The company’s 50-day moving average price is $54.82 and its 200-day moving average price is $50.15. The company has a market cap of $5.76 billion, a P/E ratio of 510.33 and a beta of 0.98. MakeMyTrip has a twelve month low of $32.67 and a twelve month high of $104.43.

Institutional Investors Weigh In On MakeMyTrip

A number of hedge funds have recently modified their holdings of the company. Leonteq Securities AG acquired a new stake in MakeMyTrip during the fourth quarter worth about $29,000. Parallel Advisors LLC boosted its holdings in MakeMyTrip by 244.8% in the 3rd quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after purchasing an additional 284 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in MakeMyTrip in the 4th quarter valued at about $46,000. Rakuten Securities Inc. boosted its holdings in MakeMyTrip by 893.9% in the 4th quarter. Rakuten Securities Inc. now owns 656 shares of the technology company’s stock valued at $54,000 after purchasing an additional 590 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of MakeMyTrip by 416.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company’s stock valued at $56,000 after buying an additional 546 shares during the period. Hedge funds and other institutional investors own 51.89% of the company’s stock.

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.