MakeMyTrip (NASDAQ:MMYT) Shares Up 12.2% – Here’s What Happened

by · The Markets Daily

MakeMyTrip Limited (NASDAQ:MMYT – Get Free Report)’s stock price shot up 12.2% on Wednesday. The stock traded as high as $51.23 and last traded at $51.0340. 299,459 shares changed hands during trading, a decline of 76% from the average daily volume of 1,267,897 shares. The stock had previously closed at $45.50.

Wall Street Analysts Forecast Growth

MMYT has been the topic of a number of recent analyst reports. Bank of America lowered their price target on shares of MakeMyTrip from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, October 27th. Weiss Ratings raised shares of MakeMyTrip from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 26th. Wall Street Zen raised shares of MakeMyTrip from a “sell” rating to a “hold” rating in a report on Saturday, October 24th. Finally, Zacks Research downgraded shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $72.25.

Read Our Latest Stock Report on MakeMyTrip

MakeMyTrip Price Performance

The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 255.51 and a beta of 1.04. The firm has a fifty day simple moving average of $47.78 and a 200 day simple moving average of $50.43.

MakeMyTrip (NASDAQ:MMYT – Get Free Report) last announced its earnings results on Monday, October 26th. The technology company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.43. MakeMyTrip had a negative return on equity of 312.82% and a net margin of 3.91%. The business had revenue of $235.16 million during the quarter, compared to the consensus estimate of $269.09 million. Research analysts predict that MakeMyTrip Limited will post 1.54 EPS for the current year.

Insiders Place Their Bets

In other MakeMyTrip news, CEO Rajesh Magow sold 20,000 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $45.25, for a total transaction of $905,000.00. Following the completion of the transaction, the chief executive officer directly owned 20,000 shares in the company, valued at approximately $905,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On MakeMyTrip

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP raised its position in shares of MakeMyTrip by 45.9% in the third quarter. Allworth Financial LP now owns 1,468 shares of the technology company’s stock valued at $69,000 after buying an additional 462 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in MakeMyTrip by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,441,643 shares of the technology company’s stock worth $68,838,000 after acquiring an additional 59,222 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in MakeMyTrip during the third quarter worth about $3,455,000. Avestar Capital LLC purchased a new stake in MakeMyTrip during the 3rd quarter valued at about $4,077,000. Finally, Signaturefd LLC grew its stake in MakeMyTrip by 9.0% during the 3rd quarter. Signaturefd LLC now owns 7,309 shares of the technology company’s stock valued at $345,000 after acquiring an additional 602 shares in the last quarter. Institutional investors and hedge funds own 51.89% of the company’s stock.

About MakeMyTrip

(Get Free Report)

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.

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