HSBC Initiates Coverage on MakeMyTrip (NASDAQ:MMYT)

Equities researchers at HSBC began coverage on shares of MakeMyTrip (NASDAQ:MMYT) in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $70.00 price target on the technology company’s stock. HSBC’s price target would suggest a potential upside of 22.82% from the stock’s previous close.

Other analysts have also issued reports about the stock. The Goldman Sachs Group set a $84.00 price target on shares of MakeMyTrip in a research report on Saturday. Zacks Research downgraded MakeMyTrip from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Finally, Citigroup restated a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $86.75.

MakeMyTrip Stock Performance

Shares of MMYT stock traded down $1.20 on Thursday, hitting $56.99. 87,692 shares of the company’s stock traded hands, compared to its average volume of 1,553,251. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 226.99 and a beta of 0.98. The company’s fifty day simple moving average is $46.18 and its 200 day simple moving average is $55.20. MakeMyTrip has a one year low of $32.67 and a one year high of $104.99.

Hedge Funds Weigh In On MakeMyTrip

A number of hedge funds have recently modified their holdings of the company. Leonteq Securities AG bought a new position in shares of MakeMyTrip during the fourth quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its stake in shares of MakeMyTrip by 74.3% in the first quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company’s stock worth $37,000 after purchasing an additional 422 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of MakeMyTrip by 244.8% in the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock worth $37,000 after purchasing an additional 284 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in MakeMyTrip during the 4th quarter valued at about $46,000. Finally, Stone House Investment Management LLC increased its holdings in MakeMyTrip by 50.0% during the 4th 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. Hedge funds and other institutional investors own 51.89% of the company’s stock.

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.