MakeMyTrip (NASDAQ:MMYT) Shares Up 6.5% – Time to Buy?

MakeMyTrip Limited (NASDAQ:MMYT) shares rose 6.5% during mid-day trading on Thursday. The stock traded as high as $46.29 and last traded at $46.47. 65,944 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,289,689 shares. The stock had previously closed at $43.64.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MMYT shares. Zacks Research downgraded MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Wall Street Zen cut shares of MakeMyTrip from a “hold” rating to a “sell” rating in a report on Saturday, October 10th. The Goldman Sachs Group set a $84.00 price target on shares of MakeMyTrip in a research note on Saturday, June 27th. Bank of America lowered their price target on shares of MakeMyTrip from $71.00 to $60.00 and set a “buy” rating for the company in a report on Monday, September 28th. Finally, HSBC assumed coverage on shares of MakeMyTrip in a research report on Thursday, July 2nd. They issued a “buy” rating and a $70.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $73.50.

MakeMyTrip Price Performance

The firm has a 50 day moving average of $52.62 and a two-hundred day moving average of $49.72. The stock has a market cap of $4.39 billion, a PE ratio of 388.62 and a beta of 1.07.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Temasek Holdings Private Ltd purchased a new position in shares of MakeMyTrip during the first quarter worth about $63,447,000. Hsbc Holdings PLC purchased a new stake in shares of MakeMyTrip in the 4th quarter valued at about $4,512,000. Sei Investments Co. lifted its holdings in shares of 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 purchasing an additional 97,377 shares during the last quarter. Flossbach Von Storch SE acquired a new stake in shares of MakeMyTrip in the 2nd quarter valued at about $2,664,000. Finally, Coronation Fund Managers Ltd. boosted its position 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 valued at $57,136,000 after purchasing an additional 280,923 shares during the period. Institutional investors and hedge funds own 51.89% of the company’s stock.

About MakeMyTrip

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.