Zacks Investment Research upgraded shares of MakeMyTrip (NASDAQ:MMYT) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has $29.00 price objective on the technology company’s stock.

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. “

Several other equities analysts have also issued reports on the company. BidaskClub lowered MakeMyTrip from a hold rating to a sell rating in a research note on Tuesday, March 26th. ValuEngine lowered MakeMyTrip from a buy rating to a hold rating in a research note on Thursday, March 14th. Finally, TheStreet raised MakeMyTrip from a d- rating to a c- rating in a research note on Monday, January 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $30.56.

Shares of MMYT opened at $26.00 on Wednesday. MakeMyTrip has a 12-month low of $19.66 and a 12-month high of $41.70. The firm has a market cap of $2.65 billion, a PE ratio of -11.93 and a beta of 0.49.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings results on Thursday, January 24th. The technology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.12. MakeMyTrip had a negative return on equity of 10.90% and a negative net margin of 32.53%. The business had revenue of $179.90 million for the quarter, compared to analyst estimates of $165.51 million. During the same quarter in the prior year, the firm posted ($0.30) earnings per share. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Analysts forecast that MakeMyTrip will post -1.52 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in MMYT. FMR LLC lifted its stake in MakeMyTrip by 3.5% in the third quarter. FMR LLC now owns 559,852 shares of the technology company’s stock valued at $15,368,000 after buying an additional 19,087 shares during the period. Renaissance Technologies LLC acquired a new position in MakeMyTrip in the third quarter valued at about $2,442,000. Man Group plc lifted its stake in MakeMyTrip by 680.0% in the third quarter. Man Group plc now owns 81,320 shares of the technology company’s stock valued at $2,232,000 after buying an additional 70,895 shares during the period. Morgan Stanley lifted its stake in MakeMyTrip by 21.2% in the third quarter. Morgan Stanley now owns 893,821 shares of the technology company’s stock valued at $24,535,000 after buying an additional 156,059 shares during the period. Finally, MARSHALL WACE ASIA Ltd acquired a new position in MakeMyTrip in the third quarter valued at about $21,634,000. 45.71% of the stock is currently owned by hedge funds and other institutional investors.

About MakeMyTrip

MakeMyTrip Limited, an online travel company, engages in the business of selling travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, China, Colombia, and Peru. It operates through two segments, Air Ticketing, and Hotels and Packages. The company's services and products include air tickets, hotels, packages, rail tickets, bus tickets, and car hire, as well as ancillary travel requirements, such as facilitating access to travel insurance and visa processing.

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