MakeMyTrip Ltd. (MMYT) Stock Rating Upgraded by Zacks Investment Research
MakeMyTrip Ltd. (NASDAQ:MMYT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $25.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 10.77% from the company’s previous close.
According to Zacks, “MakeMyTrip Limited is an online travel service company which offers travel products and solutions in India and the United States. The Company’s services and products include air tickets, customized holiday packages, hotel booking, railway tickets, bus tickets, car hire and facilitating access to travel insurance. MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited and MakeMyTrip.com Inc. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the Company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, a wide selection of hotels in and outside India, Indian Railways and several major Indian bus operators. MakeMyTrip Limited is based in Gurgaon, India. “
A number of other research firms have also issued reports on MMYT. Nomura upgraded MakeMyTrip from a “reduce” rating to a “neutral” rating and decreased their target price for the company from $14.50 to $14.00 in a report on Friday, June 3rd. Jefferies Group lifted their target price on MakeMyTrip from $19.10 to $19.80 and gave the company a “buy” rating in a report on Friday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $18.34.
MakeMyTrip (NASDAQ:MMYT) opened at 22.57 on Wednesday. MakeMyTrip has a one year low of $13.69 and a one year high of $23.26. The stock has a 50 day moving average price of $20.33 and a 200-day moving average price of $17.89. The firm’s market capitalization is $940.67 million.
MakeMyTrip (NASDAQ:MMYT) last released its earnings results on Wednesday, July 27th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.64) by $0.09. The company earned $121.23 million during the quarter, compared to analysts’ expectations of $93.66 million. MakeMyTrip had a negative net margin of 27.12% and a negative return on equity of 80.55%. The company’s revenue for the quarter was up 54.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. On average, analysts predict that MakeMyTrip will post ($2.41) earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. KCG Holdings Inc. acquired a new stake in shares of MakeMyTrip during the second quarter worth about $189,000. Geode Capital Management LLC increased its stake in shares of MakeMyTrip by 6.5% in the first quarter. Geode Capital Management LLC now owns 17,388 shares of the company’s stock worth $314,000 after buying an additional 1,056 shares during the period. Indus Capital Partners LLC increased its stake in shares of MakeMyTrip by 37.2% in the second quarter. Indus Capital Partners LLC now owns 31,000 shares of the company’s stock worth $461,000 after buying an additional 8,400 shares during the period. BlackRock Investment Management LLC increased its stake in shares of MakeMyTrip by 15.5% in the second quarter. BlackRock Investment Management LLC now owns 36,580 shares of the company’s stock worth $544,000 after buying an additional 4,900 shares during the period. Finally, New Vernon Capital Holdings II LLC acquired a new stake in shares of MakeMyTrip during the second quarter worth about $668,000. 76.68% of the stock is owned by institutional investors.
MakeMyTrip Limited is an online travel company in India. The Company conducts its business principally through its Indian subsidiary, MakeMyTrip (India) Private Limited (MMT India). Through its primary Website, www.makemytrip.com, or MakeMyTrip.com, its subsidiaries’ websites, such as www.hoteltravel.com, www.makemytrip.ae, www.makemytrip.com.sg, and other technology-enhanced distribution channels in India, including its call centers, travel stores and travel agents’ network, travelers can research, plan and book a wide range of travel services and products in India, as well as overseas.
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