MakeMyTrip Limited (NASDAQ:MMYT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

MakeMyTrip Limited (NASDAQ:MMYT) has earned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $73.50.

MMYT has been the topic of a number of recent analyst reports. Bank of America lowered their price target on MakeMyTrip from $71.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, September 28th. The Goldman Sachs Group set a $84.00 target price on MakeMyTrip in a research note on Saturday, June 27th. HSBC began coverage on MakeMyTrip in a report on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price on the stock. Zacks Research cut MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Wall Street Zen downgraded MakeMyTrip from a “hold” rating to a “sell” rating in a report on Saturday, August 29th.

MakeMyTrip Price Performance

MakeMyTrip stock opened at $43.53 on Friday. The company’s 50-day moving average is $53.93 and its 200-day moving average is $49.60. The firm has a market capitalization of $4.09 billion, a PE ratio of 362.75 and a beta of 1.07. MakeMyTrip has a fifty-two week low of $32.67 and a fifty-two week high of $96.60.

Institutional Trading of MakeMyTrip

Hedge funds have recently modified their holdings of the stock. Temasek Holdings Private Ltd acquired a new stake in MakeMyTrip during the 1st quarter worth approximately $63,447,000. Hsbc Holdings PLC acquired a new position in MakeMyTrip in the 4th quarter valued at $4,512,000. Sei Investments Co. grew 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 buying an additional 97,377 shares in the last quarter. Flossbach Von Storch SE bought a new position in MakeMyTrip during the 2nd quarter worth $2,664,000. Finally, Coronation Fund Managers Ltd. increased its position in MakeMyTrip by 22.5% during the 1st quarter. Coronation Fund Managers Ltd. now owns 1,532,202 shares of the technology company’s stock worth $57,136,000 after buying an additional 280,923 shares during the period. Institutional investors and hedge funds own 51.89% of the company’s stock.

MakeMyTrip Company Profile

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.