Insider Selling: MakeMyTrip (NASDAQ:MMYT) CEO Sells $501,100.00 in Stock

MakeMyTrip Limited (NASDAQ:MMYT) CEO Rajesh Magow sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $50.11, for a total value of $501,100.00. Following the transaction, the chief executive officer directly owned 20,000 shares in the company, valued at $1,002,200. This represents a 33.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Rajesh Magow also recently made the following trade(s):

• On Tuesday, November 3rd, Rajesh Magow sold 20,000 shares of MakeMyTrip stock. The shares were sold at an average price of $45.25, for a total value of $905,000.00.

MakeMyTrip Price Performance

Shares of NASDAQ MMYT traded down $2.29 on Thursday, hitting $48.46. The company’s stock had a trading volume of 1,065,385 shares, compared to its average volume of 1,271,239. The stock has a 50 day moving average of $47.94 and a 200-day moving average of $50.54. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 241.71 and a beta of 1.04. MakeMyTrip Limited has a 12-month low of $32.67 and a 12-month high of $86.94.

MakeMyTrip (NASDAQ:MMYT) last announced its quarterly earnings data on Monday, October 26th. The technology company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.43. The business had revenue of $235.16 million during the quarter, compared to the consensus estimate of $269.09 million. MakeMyTrip had a negative return on equity of 312.82% and a net margin of 3.91%. Sell-side analysts expect that MakeMyTrip Limited will post 1.54 EPS for the current fiscal year.

Institutional Trading of MakeMyTrip

A number of hedge funds and other institutional investors have recently made changes to their positions in MMYT. Wasatch Advisors LP increased its position in shares of MakeMyTrip by 5.7% during the 2nd 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 during the period. Royal Bank of Canada grew its holdings in MakeMyTrip by 53.8% during the first quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company’s stock worth $130,464,000 after acquiring an additional 1,223,963 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in MakeMyTrip by 4.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,441,643 shares of the technology company’s stock valued at $68,838,000 after acquiring an additional 59,222 shares during the last quarter. Temasek Holdings Private Ltd acquired a new position in shares of MakeMyTrip in the 1st quarter worth approximately $63,447,000. Finally, Coronation Fund Managers Ltd. grew 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 last quarter. 51.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MMYT has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of MakeMyTrip from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 26th. Zacks Research lowered MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Bank of America reduced their price target on MakeMyTrip from $60.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Finally, Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a research report on Saturday, October 24th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.25.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company serving consumers in India and international travelers booking trips to and from the country. Founded in 2000 by Deep Kalra, the company operates through a portfolio of travel brands, including MakeMyTrip, Goibibo and redBus.

The company provides online and mobile booking services for domestic and international flights, hotels and other accommodations, holiday packages, trains, buses, car rentals and airport transfers. Through redBus, it also offers bus ticketing services across India and selected international markets.