MakeMyTrip (NASDAQ:MMYT) Stock Price Down 5.6% – Here’s Why

MakeMyTrip Limited (NASDAQ:MMYT)’s stock price traded down 5.6% on Friday. The company traded as low as $45.21 and last traded at $45.0980. Approximately 364,894 shares traded hands during trading, a decline of 72% from the average daily volume of 1,285,016 shares. The stock had previously closed at $47.75.

Analyst Upgrades and Downgrades

MMYT has been the topic of several research reports. The Goldman Sachs Group set a $84.00 price target on shares of MakeMyTrip in a research report on Saturday, June 27th. Wall Street Zen lowered shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. HSBC assumed coverage on shares of MakeMyTrip in a report on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price on the stock. Zacks Research cut MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Bank of America decreased their price objective on MakeMyTrip from $71.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday. Five 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.50.

MakeMyTrip Price Performance

The firm’s 50 day moving average is $54.92 and its 200 day moving average is $49.58. The company has a market cap of $4.31 billion, a PE ratio of 380.66 and a beta of 1.07.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of MakeMyTrip by 53.8% in the first quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company’s stock worth $130,464,000 after buying an additional 1,223,963 shares in the last quarter. Wasatch Advisors LP increased its stake in MakeMyTrip by 5.7% in the 2nd quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company’s stock worth $131,811,000 after acquiring an additional 133,723 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of MakeMyTrip by 1.8% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,322,204 shares of the technology company’s stock worth $190,699,000 after buying an additional 40,712 shares during the last quarter. Goldman Sachs Group Inc. grew its position in MakeMyTrip by 11.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,935,142 shares of the technology company’s stock worth $158,914,000 after acquiring an additional 199,699 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in MakeMyTrip in the fourth quarter worth $150,069,000. 51.89% of the stock is currently owned by hedge funds and other institutional investors.

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.