Royal Bank of Canada Acquires 1,223,963 Shares of MakeMyTrip Limited $MMYT

Royal Bank of Canada boosted its holdings in MakeMyTrip Limited (NASDAQ:MMYT) by 53.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,498,642 shares of the technology company’s stock after buying an additional 1,223,963 shares during the quarter. Royal Bank of Canada’s holdings in MakeMyTrip were worth $130,464,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MMYT. Capital Research Global Investors purchased a new stake in shares of MakeMyTrip during the 4th quarter valued at about $150,069,000. Temasek Holdings Private Ltd purchased a new position in shares of MakeMyTrip during the first quarter valued at approximately $63,447,000. Norges Bank purchased a new position in shares of MakeMyTrip during the fourth quarter valued at approximately $90,284,000. Wasatch Advisors LP lifted its position in MakeMyTrip by 64.2% during the first quarter. Wasatch Advisors LP now owns 2,339,741 shares of the technology company’s stock valued at $87,249,000 after purchasing an additional 914,402 shares during the period. Finally, Schroder Investment Management Group lifted its position in MakeMyTrip by 13.8% during the fourth quarter. Schroder Investment Management Group now owns 7,186,704 shares of the technology company’s stock valued at $590,172,000 after purchasing an additional 869,728 shares during the period. Institutional investors own 51.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MMYT shares. Wall Street Zen cut shares of MakeMyTrip from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. HSBC began coverage on 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 MakeMyTrip in a research note on Saturday, June 27th. Citigroup reaffirmed a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Finally, Zacks Research upgraded MakeMyTrip from a “strong sell” rating to a “strong-buy” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, MakeMyTrip presently has an average rating of “Buy” and a consensus price target of $86.75.

MakeMyTrip Price Performance

Shares of MakeMyTrip stock opened at $57.08 on Friday. MakeMyTrip Limited has a 1-year low of $32.67 and a 1-year high of $104.43. The company’s fifty day simple moving average is $50.20 and its 200-day simple moving average is $51.05. The stock has a market capitalization of $6.35 billion, a PE ratio of 228.32 and a beta of 0.98.

MakeMyTrip Profile

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.