MakeMyTrip (NASDAQ:MMYT) Trading 7% Higher – Here’s Why

MakeMyTrip Limited (NASDAQ:MMYT)’s stock price was up 7% during trading on Thursday . The company traded as high as $52.49 and last traded at $52.5080. Approximately 824,485 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 1,925,681 shares. The stock had previously closed at $49.05.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MMYT. Bank of America reduced their target price on MakeMyTrip from $115.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, December 24th. Citigroup reduced their price objective on MakeMyTrip from $108.00 to $96.00 and set a “buy” rating on the stock in a research note on Wednesday, January 21st. Morgan Stanley restated an “overweight” rating on shares of MakeMyTrip in a report on Wednesday, December 31st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of MakeMyTrip in a report on Tuesday, January 27th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $106.33.

MakeMyTrip Price Performance

The stock has a 50-day simple moving average of $66.63 and a 200 day simple moving average of $80.35. The stock has a market capitalization of $5.89 billion, a P/E ratio of 110.22, a price-to-earnings-growth ratio of 1.75 and a beta of 0.64. The company has a debt-to-equity ratio of 38.85, a quick ratio of 1.85 and a current ratio of 1.85.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings results on Wednesday, January 21st. The technology company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.09. The business had revenue of $295.70 million for the quarter, compared to analyst estimates of $306.29 million. MakeMyTrip had a return on equity of 48.06% and a net margin of 5.46%. On average, equities analysts forecast that MakeMyTrip Limited will post 1.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MakeMyTrip

Several institutional investors have recently modified their holdings of the business. Leonteq Securities AG bought a new position in MakeMyTrip in the fourth quarter valued at approximately $29,000. Parallel Advisors LLC raised its position in shares of MakeMyTrip by 244.8% during the 3rd quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after acquiring an additional 284 shares during the last quarter. First Horizon Advisors Inc. acquired a new position in shares of MakeMyTrip in the 2nd quarter valued at $43,000. Kestra Advisory Services LLC bought a new position in shares of MakeMyTrip in the 4th quarter worth $46,000. Finally, Stone House Investment Management LLC boosted its position in shares of MakeMyTrip by 50.0% in the 4th quarter. Stone House Investment Management LLC now owns 600 shares of the technology company’s stock worth $49,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 51.89% of the company’s stock.

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.