MakeMyTrip (NASDAQ:MMYT) Stock Falls 4% – Time to Sell?

MakeMyTrip Limited (NASDAQ:MMYT) fell 4% on Monday. The company traded as low as $44.55 and last traded at $44.74. 156,031 shares changed hands during trading, a decline of 88% from the average session volume of 1,292,355 shares. The stock had previously closed at $46.60.

Analyst Ratings Changes

MMYT has been the subject of several research analyst reports. Bank of America reduced their price objective on shares of MakeMyTrip from $71.00 to $60.00 and set a “buy” rating for the company in a report on Monday, September 28th. The Goldman Sachs Group set a $84.00 target price on shares of MakeMyTrip in a research note on Saturday, June 27th. HSBC started coverage on shares of MakeMyTrip in a research report on Thursday, July 2nd. They set a “buy” rating and a $70.00 price target on the stock. Wall Street Zen lowered shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Saturday, October 10th. Finally, Zacks Research cut shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.50.

MakeMyTrip Price Performance

The firm has a market cap of $4.32 billion, a price-to-earnings ratio of 382.58 and a beta of 1.07. The company has a fifty day moving average price of $51.45 and a two-hundred day moving average price of $49.98.

Institutional Investors Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently bought and sold shares of MMYT. Farther Finance Advisors LLC lifted its position in shares of MakeMyTrip by 26.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,007 shares of the technology company’s stock valued at $95,000 after acquiring an additional 422 shares during the last quarter. Carrhae Capital LLP boosted its stake in shares of MakeMyTrip by 47.0% during the 2nd quarter. Carrhae Capital LLP now owns 221,385 shares of the technology company’s stock worth $11,798,000 after acquiring an additional 70,823 shares in the last quarter. Carmignac Gestion boosted its stake in shares of MakeMyTrip by 32.9% during the 2nd quarter. Carmignac Gestion now owns 40,452 shares of the technology company’s stock worth $2,156,000 after acquiring an additional 10,024 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of MakeMyTrip in the 2nd quarter worth $1,704,000. Finally, Flossbach Von Storch SE acquired a new position in shares of MakeMyTrip in the 2nd quarter worth $2,664,000. 51.89% of the stock is owned by institutional investors and hedge funds.

MakeMyTrip Company Profile

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.