MakeMyTrip (NASDAQ:MMYT) Trading Down 5.4% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT)’s share price was down 5.4% during mid-day trading on Tuesday . The company traded as low as $48.01 and last traded at $47.8390. 38,316 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,306,811 shares. The stock had previously closed at $50.55.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MMYT. Wall Street Zen lowered shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. HSBC began coverage on shares of MakeMyTrip in a report on Thursday, July 2nd. They set a “buy” rating and a $70.00 price target on the stock. The Goldman Sachs Group set a $84.00 price target on shares of MakeMyTrip in a research report on Saturday, June 27th. Finally, Zacks Research lowered shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, MakeMyTrip has a consensus rating of “Moderate Buy” and a consensus price target of $86.75.

MakeMyTrip Stock Performance

The firm has a market cap of $4.50 billion, a PE ratio of 398.83 and a beta of 1.00. The stock has a 50-day simple moving average of $56.56 and a two-hundred day simple moving average of $49.81.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMYT. Temasek Holdings Private Ltd purchased a new position in MakeMyTrip in the first quarter worth about $63,447,000. Sei Investments Co. grew its stake in shares of MakeMyTrip by 17.5% during the 1st quarter. Sei Investments Co. now owns 652,971 shares of the technology company’s stock valued at $24,349,000 after purchasing an additional 97,377 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of MakeMyTrip during the 4th quarter valued at about $4,512,000. Flossbach Von Storch SE purchased a new stake in shares of MakeMyTrip during the 2nd quarter valued at about $2,664,000. Finally, Coronation Fund Managers Ltd. lifted its stake in shares of MakeMyTrip by 22.5% in the 1st quarter. Coronation Fund Managers Ltd. now owns 1,532,202 shares of the technology company’s stock worth $57,136,000 after purchasing an additional 280,923 shares during the period. Institutional investors own 51.89% of the company’s stock.

About MakeMyTrip

MakeMyTrip Limited is an online travel company serving consumers in India and enabling domestic and international travel bookings. Through its digital platforms and mobile applications, the company offers air tickets, hotel and accommodation reservations, holiday packages, bus tickets, rail tickets, and car-rental and travel-related services.

MakeMyTrip operates a portfolio of recognized travel brands, including MakeMyTrip, goibibo, and redBus. The platforms allow customers to compare and book travel products, while also providing travel suppliers with distribution and customer-acquisition services.