MakeMyTrip (NASDAQ:MMYT) Downgraded by Zacks Research to Hold

MakeMyTrip (NASDAQ:MMYT) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. HSBC initiated coverage on MakeMyTrip in a report on Thursday, July 2nd. They issued a “buy” rating and a $70.00 price target for the company. The Goldman Sachs Group set a $84.00 price objective on MakeMyTrip in a report on Saturday, June 27th. Citigroup restated a “buy” rating on shares of MakeMyTrip in a research report on Tuesday, May 19th. Finally, Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, MakeMyTrip currently has a consensus rating of “Moderate Buy” and an average target price of $86.75.

MakeMyTrip Stock Up 3.0%

MMYT stock opened at $61.24 on Tuesday. The company’s 50-day simple moving average is $54.82 and its 200-day simple moving average is $50.15. MakeMyTrip has a 52-week low of $32.67 and a 52-week high of $104.43. The firm has a market cap of $5.76 billion, a P/E ratio of 510.33 and a beta of 0.98.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Leonteq Securities AG acquired a new stake in MakeMyTrip in the 4th quarter worth about $29,000. Parallel Advisors LLC raised its holdings in shares of MakeMyTrip by 244.8% during the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after acquiring an additional 284 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of MakeMyTrip during the fourth quarter valued at approximately $46,000. Rakuten Securities Inc. lifted its position in shares of MakeMyTrip by 893.9% in the fourth quarter. Rakuten Securities Inc. now owns 656 shares of the technology company’s stock valued at $54,000 after acquiring an additional 590 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of MakeMyTrip by 416.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company’s stock valued at $56,000 after acquiring an additional 546 shares in the last quarter. 51.89% of the stock is owned by hedge funds and other 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.