MakeMyTrip (NASDAQ:MMYT) Stock Price Down 6.9% – Should You Sell?

MakeMyTrip Limited (NASDAQ:MMYT)’s stock price traded down 6.9% during trading on Wednesday . The stock traded as low as $52.86 and last traded at $52.5660. Approximately 472,704 shares traded hands during trading, a decline of 68% from the average daily volume of 1,495,983 shares. The stock had previously closed at $56.49.

Wall Street Analysts Forecast Growth

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

MakeMyTrip Trading Down 7.3%

The stock has a market capitalization of $5.83 billion, a PE ratio of 209.54 and a beta of 0.98. The company’s 50-day moving average is $48.83 and its 200 day moving average is $52.48.

Institutional Investors Weigh In On MakeMyTrip

A number of large investors have recently bought and sold shares of the company. Wasatch Advisors LP raised its position in MakeMyTrip by 5.7% during the 2nd quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company’s stock worth $131,811,000 after buying an additional 133,723 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in shares of MakeMyTrip in the 2nd quarter valued at $249,000. Carmignac Gestion increased its stake in shares of MakeMyTrip by 38.4% in the first quarter. Carmignac Gestion now owns 30,428 shares of the technology company’s stock worth $1,135,000 after acquiring an additional 8,435 shares during the period. Janus Henderson Group PLC increased its stake in shares of MakeMyTrip by 23.8% in the first quarter. Janus Henderson Group PLC now owns 117,787 shares of the technology company’s stock worth $4,396,000 after acquiring an additional 22,622 shares during the period. Finally, Amundi raised its holdings in shares of MakeMyTrip by 16.6% during the first quarter. Amundi now owns 640,932 shares of the technology company’s stock worth $23,900,000 after purchasing an additional 91,388 shares during the last quarter. 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.