MakeMyTrip (NASDAQ:MMYT) Stock Rating Lowered by Wall Street Zen

MakeMyTrip (NASDAQ:MMYT) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

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

MakeMyTrip Stock Performance

MakeMyTrip stock opened at $44.73 on Friday. MakeMyTrip has a 1 year low of $32.67 and a 1 year high of $96.60. The firm’s 50-day moving average is $53.69 and its 200-day moving average is $49.63. The company has a market cap of $4.21 billion, a P/E ratio of 372.75 and a beta of 1.07.

Institutional Investors Weigh In On MakeMyTrip

Large investors have recently added to or reduced their stakes in the stock. Temasek Holdings Private Ltd bought a new stake in shares of MakeMyTrip during the first quarter valued at approximately $63,447,000. Hsbc Holdings PLC bought a new position in MakeMyTrip in the 4th quarter worth approximately $4,512,000. Sei Investments Co. grew its holdings in MakeMyTrip by 17.5% in the 1st quarter. Sei Investments Co. now owns 652,971 shares of the technology company’s stock worth $24,349,000 after buying an additional 97,377 shares in the last quarter. Flossbach Von Storch SE bought a new position in MakeMyTrip in the 2nd quarter worth approximately $2,664,000. Finally, Coronation Fund Managers Ltd. increased its position in 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 acquiring an additional 280,923 shares during the period. 51.89% of the stock is owned by institutional investors and hedge funds.

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.