MakeMyTrip (NASDAQ:MMYT) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of MakeMyTrip (NASDAQ:MMYT) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Citigroup reaffirmed a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. The Goldman Sachs Group set a $84.00 target price on MakeMyTrip in a research report on Saturday, June 27th. Finally, HSBC started coverage on MakeMyTrip in a research note on Thursday, July 2nd. They issued a “buy” rating and a $70.00 target price on the stock. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $86.75.

MakeMyTrip Price Performance

NASDAQ MMYT opened at $61.24 on Tuesday. The company’s 50 day simple moving average is $54.82 and its two-hundred day simple moving average is $50.15. MakeMyTrip has a 1 year low of $32.67 and a 1 year high of $104.43. The stock has a market capitalization of $5.76 billion, a PE ratio of 510.33 and a beta of 0.98.

Hedge Funds Weigh In On MakeMyTrip

Institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group lifted its holdings in shares of MakeMyTrip by 13.8% during the 4th quarter. Schroder Investment Management Group now owns 7,186,704 shares of the technology company’s stock worth $590,172,000 after acquiring an additional 869,728 shares during the last quarter. Royal Bank of Canada increased its stake in MakeMyTrip by 53.8% in the first quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company’s stock valued at $130,464,000 after acquiring an additional 1,223,963 shares during the last quarter. Wasatch Advisors LP raised its position in MakeMyTrip by 5.7% during the second quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company’s stock valued at $131,811,000 after purchasing an additional 133,723 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in MakeMyTrip by 17.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,448,388 shares of the technology company’s stock valued at $201,064,000 after purchasing an additional 371,066 shares in the last quarter. Finally, Artisan Partners Limited Partnership lifted its stake in MakeMyTrip by 1.8% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,322,204 shares of the technology company’s stock worth $190,699,000 after purchasing an additional 40,712 shares during the last quarter. Institutional investors 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.