The Manufacturers Life Insurance Company Sells 686,863 Shares of MakeMyTrip Limited $MMYT

The Manufacturers Life Insurance Company cut its holdings in shares of MakeMyTrip Limited (NASDAQ:MMYT) by 61.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 424,158 shares of the technology company’s stock after selling 686,863 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in MakeMyTrip were worth $15,817,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Royal Bank of Canada grew its position in MakeMyTrip by 780.3% during the fourth quarter. Royal Bank of Canada now owns 2,274,679 shares of the technology company’s stock valued at $186,797,000 after buying an additional 2,016,281 shares during the period. Capital Research Global Investors bought a new stake in MakeMyTrip in the fourth quarter worth about $150,069,000. Temasek Holdings Private Ltd bought a new stake in MakeMyTrip in the first quarter worth about $63,447,000. Norges Bank purchased a new position in MakeMyTrip in the fourth quarter valued at about $90,284,000. Finally, Wasatch Advisors LP boosted its stake in MakeMyTrip by 64.2% in the first quarter. Wasatch Advisors LP now owns 2,339,741 shares of the technology company’s stock valued at $87,249,000 after acquiring an additional 914,402 shares during the last quarter. 51.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MMYT has been the subject of a number of research reports. HSBC assumed coverage on shares of MakeMyTrip in a research report on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price for the company. Zacks Research upgraded MakeMyTrip from a “strong sell” rating to a “strong-buy” rating in a research note on Monday, July 20th. Citigroup reissued 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 research report on Saturday, June 27th. Finally, Wall Street Zen lowered MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $86.75.

MakeMyTrip Stock Performance

NASDAQ:MMYT opened at $56.95 on Monday. The business’s fifty day moving average is $50.48 and its 200 day moving average is $50.89. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 227.80 and a beta of 0.98. MakeMyTrip Limited has a 52-week low of $32.67 and a 52-week high of $104.43.

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.