MakeMyTrip (NASDAQ:MMYT) Shares Gap Up – Here’s Why

MakeMyTrip Limited (NASDAQ:MMYT)’s share price gapped up prior to trading on Monday . The stock had previously closed at $56.95, but opened at $62.78. MakeMyTrip shares last traded at $64.1680, with a volume of 172,972 shares.

Analysts Set New Price Targets

Several research firms have recently weighed in on MMYT. The Goldman Sachs Group set a $84.00 price objective on shares of MakeMyTrip in a research report on Saturday, June 27th. Citigroup reiterated a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. HSBC began coverage on shares of MakeMyTrip in a research note on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price for the company. Zacks Research upgraded shares of MakeMyTrip from a “strong sell” rating to a “strong-buy” rating in a report on Monday, July 20th. Finally, Wall Street Zen lowered shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, MakeMyTrip currently has an average rating of “Buy” and an average price target of $86.75.

MakeMyTrip Trading Up 9.3%

The stock has a 50-day simple moving average of $50.48 and a 200 day simple moving average of $50.89. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 249.62 and a beta of 0.98.

MakeMyTrip (NASDAQ:MMYT) last issued its earnings results on Tuesday, August 4th. The technology company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.38. The company had revenue of $285.58 million for the quarter, compared to the consensus estimate of $292.14 million. MakeMyTrip had a return on equity of 2,304.78% and a net margin of 4.96%. Sell-side analysts expect that MakeMyTrip Limited will post 1.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

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.