MakeMyTrip (NASDAQ:MMYT) Shares Up 12.2% – Should You Buy?

Shares of MakeMyTrip Limited (NASDAQ:MMYT) traded up 12.2% on Wednesday. The stock traded as high as $51.23 and last traded at $51.0340. 299,459 shares traded hands during trading, a decline of 76% from the average session volume of 1,267,897 shares. The stock had previously closed at $45.50.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MMYT. Weiss Ratings raised MakeMyTrip from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 26th. Wall Street Zen upgraded shares of MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Zacks Research lowered shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Bank of America dropped their price objective on shares of MakeMyTrip from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, October 27th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $72.25.

MakeMyTrip Stock Up 11.7%

The business’s 50 day moving average is $48.13 and its 200-day moving average is $50.66. The firm has a market capitalization of $4.78 billion, a P/E ratio of 253.46 and a beta of 1.04.

MakeMyTrip (NASDAQ:MMYT) last released its quarterly earnings data on Monday, October 26th. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.43. The business had revenue of $235.16 million during the quarter, compared to analysts’ expectations of $269.09 million. MakeMyTrip had a net margin of 3.91% and a negative return on equity of 312.82%. Research analysts forecast that MakeMyTrip Limited will post 1.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wasatch Advisors LP grew its stake in shares of MakeMyTrip by 5.7% in the 2nd quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company’s stock valued at $131,811,000 after buying an additional 133,723 shares during the period. Royal Bank of Canada grew its stake in shares of MakeMyTrip by 53.8% in the 1st quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company’s stock worth $130,464,000 after acquiring an additional 1,223,963 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in MakeMyTrip by 4.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,441,643 shares of the technology company’s stock valued at $68,838,000 after buying an additional 59,222 shares during the last quarter. Temasek Holdings Private Ltd bought a new stake in MakeMyTrip during the first quarter worth $63,447,000. Finally, Coronation Fund Managers Ltd. boosted its holdings in shares of MakeMyTrip by 22.5% in the 1st quarter. Coronation Fund Managers Ltd. now owns 1,532,202 shares of the technology company’s stock worth $57,136,000 after buying an additional 280,923 shares during the last quarter. 51.89% of the stock is owned by institutional investors.

About MakeMyTrip

MakeMyTrip Limited is an online travel company serving consumers in India and international travelers booking trips to and from the country. Founded in 2000 by Deep Kalra, the company operates through a portfolio of travel brands, including MakeMyTrip, Goibibo and redBus.

The company provides online and mobile booking services for domestic and international flights, hotels and other accommodations, holiday packages, trains, buses, car rentals and airport transfers. Through redBus, it also offers bus ticketing services across India and selected international markets.