Citigroup Cuts MakeMyTrip (NASDAQ:MMYT) Price Target to $96.00

MakeMyTrip (NASDAQ:MMYT) had its price target lowered by Citigroup from $108.00 to $96.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Other equities analysts also recently issued reports about the company. Weiss Ratings assumed coverage on MakeMyTrip in a research report on Thursday, October 30th. They issued a “hold (c)” rating on the stock. Morgan Stanley reissued an “overweight” rating on shares of MakeMyTrip in a report on Wednesday, December 31st. Wall Street Zen downgraded MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Finally, Bank of America reduced their price objective on shares of MakeMyTrip from $115.00 to $113.00 and set a “buy” rating on the stock in a research report on Wednesday, December 24th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $106.33.

MakeMyTrip Price Performance

NASDAQ MMYT opened at $62.60 on Wednesday. The company has a 50-day moving average price of $77.34 and a 200-day moving average price of $87.81. MakeMyTrip has a 52 week low of $62.01 and a 52 week high of $120.72. The company has a quick ratio of 1.91, a current ratio of 1.85 and a debt-to-equity ratio of 38.85. The firm has a market capitalization of $6.96 billion, a P/E ratio of 130.42, a PEG ratio of 1.84 and a beta of 0.66.

MakeMyTrip (NASDAQ:MMYT) last announced its earnings results on Wednesday, January 21st. The technology company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. MakeMyTrip had a return on equity of 48.06% and a net margin of 5.46%.The company had revenue of $295.70 million for the quarter, compared to analysts’ expectations of $306.29 million. Equities research analysts anticipate that MakeMyTrip will post 1.27 earnings per share for the current year.

Institutional Investors Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in MakeMyTrip by 244.8% during the 3rd quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after buying an additional 284 shares in the last quarter. First Horizon Advisors Inc. bought a new stake in shares of MakeMyTrip during the second quarter valued at approximately $43,000. Stone House Investment Management LLC boosted its holdings in shares of MakeMyTrip by 50.0% in the fourth quarter. Stone House Investment Management LLC now owns 600 shares of the technology company’s stock valued at $49,000 after purchasing an additional 200 shares during the period. Farther Finance Advisors LLC bought a new position in MakeMyTrip in the second quarter worth approximately $50,000. Finally, Jones Financial Companies Lllp grew its stake in MakeMyTrip by 4,420.0% in the third quarter. Jones Financial Companies Lllp now owns 904 shares of the technology company’s stock worth $86,000 after purchasing an additional 884 shares in the last quarter. 51.89% of the stock is owned by institutional investors.

About MakeMyTrip

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.