MakeMyTrip (NASDAQ:MMYT) Trading Up 15.4% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT)’s stock price was up 15.4% on Wednesday . The company traded as high as $44.62 and last traded at $44.1480. Approximately 727,069 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 1,880,372 shares. The stock had previously closed at $38.27.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MMYT shares. Weiss Ratings restated a “hold (c)” rating on shares of MakeMyTrip in a report on Tuesday, January 27th. Morgan Stanley restated an “overweight” rating on shares of MakeMyTrip in a report on Wednesday, December 31st. Wall Street Zen upgraded shares of MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday. Citigroup lowered their target price on shares of MakeMyTrip from $108.00 to $96.00 and set a “buy” rating for the company in a research note on Wednesday, January 21st. Finally, Bank of America lowered their target price on shares of MakeMyTrip from $115.00 to $113.00 and set a “buy” rating for the company in a research note on Wednesday, December 24th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $106.33.

MakeMyTrip Stock Performance

The firm’s 50 day moving average is $50.32 and its 200-day moving average is $70.57. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 90.19, a PEG ratio of 1.53 and a beta of 0.83. The company has a debt-to-equity ratio of 38.85, a quick ratio of 1.85 and a current ratio of 1.85.

MakeMyTrip (NASDAQ:MMYT) last announced its quarterly earnings results on Wednesday, January 21st. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. MakeMyTrip had a net margin of 5.46% and a return on equity of 48.06%. The firm had revenue of $295.70 million for the quarter, compared to the consensus estimate of $306.29 million. Analysts forecast that MakeMyTrip Limited will post 1.27 earnings per share for the current fiscal year.

Institutional Trading of MakeMyTrip

Hedge funds have recently added to or reduced their stakes in the company. Leonteq Securities AG purchased a new stake in MakeMyTrip during the fourth quarter worth $29,000. Parallel Advisors LLC boosted its holdings in MakeMyTrip by 244.8% during the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock worth $37,000 after buying an additional 284 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in MakeMyTrip during the fourth quarter worth $46,000. Stone House Investment Management LLC increased its holdings in MakeMyTrip by 50.0% in the 4th quarter. Stone House Investment Management LLC now owns 600 shares of the technology company’s stock worth $49,000 after acquiring an additional 200 shares in the last quarter. Finally, Rakuten Securities Inc. increased its holdings in MakeMyTrip by 893.9% in the 4th quarter. Rakuten Securities Inc. now owns 656 shares of the technology company’s stock worth $54,000 after acquiring an additional 590 shares in the last quarter. 51.89% of the stock is owned by hedge funds and other institutional investors.

About MakeMyTrip

MakeMyTrip Inc is an online travel company that provides a comprehensive suite of travel products and services through its website and mobile app platform. The company’s offerings include air ticketing, hotel reservations, holiday packages, rail and bus ticket bookings, ancillary travel services such as travel insurance and visa assistance, and corporate travel management solutions. By leveraging technology-driven platforms, MakeMyTrip aims to deliver convenience, competitive pricing, and a seamless booking experience for both retail and business customers.

Founded in June 2000 by Deep Kalra, MakeMyTrip has grown to become one of India’s leading travel technology firms.