MakeMyTrip (NASDAQ:MMYT) Stock Price Up 12.2% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT) shares rose 12.2% on Wednesday. The stock traded as high as $51.23 and last traded at $51.0340. Approximately 299,459 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,267,897 shares. The stock had previously closed at $45.50.

Analyst Ratings Changes

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

MakeMyTrip Trading Up 11.7%

The company has a market cap of $4.78 billion, a P/E ratio of 253.46 and a beta of 1.04. The firm’s 50 day moving average price is $48.13 and its 200-day moving average price is $50.66.

MakeMyTrip (NASDAQ:MMYT) last issued its earnings results on Monday, October 26th. The technology company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.04 by $0.43. The firm had revenue of $235.16 million during the quarter, compared to the consensus estimate of $269.09 million. MakeMyTrip had a net margin of 3.91% and a negative return on equity of 312.82%. Analysts predict that MakeMyTrip Limited will post 1.54 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of MakeMyTrip by 4.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,441,643 shares of the technology company’s stock worth $68,838,000 after acquiring an additional 59,222 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of MakeMyTrip during the third quarter worth approximately $3,455,000. Avestar Capital LLC bought a new position in shares of MakeMyTrip during the third quarter worth approximately $4,077,000. Signaturefd LLC lifted its holdings in MakeMyTrip by 9.0% during the 3rd quarter. Signaturefd LLC now owns 7,309 shares of the technology company’s stock worth $345,000 after purchasing an additional 602 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in MakeMyTrip by 26.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,007 shares of the technology company’s stock worth $95,000 after purchasing an additional 422 shares during the last quarter. 51.89% of the stock is currently owned by institutional investors and hedge funds.

About MakeMyTrip

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.