MakeMyTrip (NASDAQ:MMYT) Stock Falls 4% – Should You Sell?

MakeMyTrip Limited (NASDAQ:MMYT) shares traded down 4% on Monday. The stock traded as low as $44.55 and last traded at $44.74. 156,031 shares were traded during mid-day trading, a decline of 88% from the average session volume of 1,292,355 shares. The stock had previously closed at $46.60.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MMYT. HSBC initiated coverage on MakeMyTrip in a research report on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price for the company. Zacks Research cut shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Wall Street Zen cut shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Saturday, October 10th. Bank of America decreased their price objective on shares of MakeMyTrip from $71.00 to $60.00 and set a “buy” rating for the company in a report on Monday, September 28th. Finally, The Goldman Sachs Group set a $84.00 price objective on shares of MakeMyTrip in a report on Saturday, June 27th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

MakeMyTrip Price Performance

The firm has a market capitalization of $4.18 billion, a P/E ratio of 370.49 and a beta of 1.07. The business has a 50 day moving average price of $52.08 and a 200 day moving average price of $49.87.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Temasek Holdings Private Ltd acquired a new position in MakeMyTrip during the 1st quarter valued at $63,447,000. Hsbc Holdings PLC bought a new stake in MakeMyTrip in the 4th quarter valued at $4,512,000. Sei Investments Co. boosted its holdings in MakeMyTrip by 17.5% in 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. Flossbach Von Storch SE bought a new stake in MakeMyTrip in the 2nd quarter valued at $2,664,000. Finally, Coronation Fund Managers Ltd. grew its position in 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 last quarter. 51.89% of the stock is owned by institutional investors.

About MakeMyTrip

MakeMyTrip Limited is an online travel company that operates consumer travel platforms in India and other markets. Founded in 2000 by Deep Kalra, the company provides digital tools for researching, planning and booking travel through its websites and mobile applications.

Its services include airline and rail ticketing, hotel and accommodation reservations, holiday packages, bus tickets, car rentals and airport transfers. MakeMyTrip also offers travel-related services such as activities, travel insurance and other ancillary products, depending on the market and booking channel.

The company operates the MakeMyTrip and Goibibo brands, as well as the redBus intercity bus-ticketing platform.