MakeMyTrip (NASDAQ:MMYT) Shares Climb 6.5% – Time to Buy?

MakeMyTrip Limited (NASDAQ:MMYT) shot up 6.5% on Thursday. The company traded as high as $46.29 and last traded at $46.47. 65,944 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,289,689 shares. The stock had previously closed at $43.64.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MMYT. Zacks Research lowered shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Wall Street Zen cut shares of MakeMyTrip from a “hold” rating to a “sell” rating in a report on Saturday, October 10th. Bank of America reduced their price target on shares of MakeMyTrip from $71.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, September 28th. The Goldman Sachs Group set a $84.00 price target on shares of MakeMyTrip in a research report on Saturday, June 27th. Finally, HSBC initiated coverage on shares of MakeMyTrip in a research note on Thursday, July 2nd. They set a “buy” rating and a $70.00 price target for the company. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $73.50.

MakeMyTrip Trading Up 7.0%

The company has a 50 day simple moving average of $52.62 and a 200 day simple moving average of $49.72. The stock has a market capitalization of $4.39 billion, a PE ratio of 388.62 and a beta of 1.07.

Hedge Funds Weigh In On MakeMyTrip

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of MakeMyTrip by 74.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company’s stock worth $37,000 after acquiring an additional 422 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of MakeMyTrip by 416.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company’s stock valued at $56,000 after acquiring an additional 546 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of MakeMyTrip by 26.6% in the third quarter. Farther Finance Advisors LLC now owns 2,007 shares of the technology company’s stock valued at $95,000 after acquiring an additional 422 shares in the last quarter. Confluence Investment Management LLC acquired a new position in shares of MakeMyTrip during the second quarter worth about $249,000. Finally, Inceptionr LLC increased its stake in shares of MakeMyTrip by 101.3% during the first quarter. Inceptionr LLC now owns 10,058 shares of the technology company’s stock worth $375,000 after acquiring an additional 5,061 shares during the period. 51.89% of the stock is owned by institutional investors and hedge funds.

About MakeMyTrip

MakeMyTrip Limited is an online travel company that operates consumer travel platforms in India and other markets. Founded in 2000 by Deep Kalra, the company provides digital tools for researching, planning and booking travel through its websites and mobile applications.

Its services include airline and rail ticketing, hotel and accommodation reservations, holiday packages, bus tickets, car rentals and airport transfers. MakeMyTrip also offers travel-related services such as activities, travel insurance and other ancillary products, depending on the market and booking channel.

The company operates the MakeMyTrip and Goibibo brands, as well as the redBus intercity bus-ticketing platform.