Citigroup Issues Pessimistic Forecast for MakeMyTrip (NASDAQ:MMYT) Stock Price

MakeMyTrip (NASDAQ:MMYT) had its price objective dropped by Citigroup from $108.00 to $96.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective suggests a potential upside of 40.94% from the stock’s current price.

MMYT has been the subject of several other reports. Bank of America cut their price target on MakeMyTrip from $115.00 to $113.00 and set a “buy” rating for the company in a report on Wednesday, December 24th. Weiss Ratings began coverage on MakeMyTrip in a research note on Thursday, October 30th. They issued a “hold (c)” rating for the company. Morgan Stanley reissued an “overweight” rating on shares of MakeMyTrip in a research note on Wednesday, December 31st. Finally, Wall Street Zen downgraded shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.33.

MakeMyTrip Trading Down 8.7%

NASDAQ:MMYT traded down $6.47 on Wednesday, reaching $68.12. The stock had a trading volume of 3,048,925 shares, compared to its average volume of 1,101,309. MakeMyTrip has a 12-month low of $66.41 and a 12-month high of $120.72. The company has a market cap of $7.58 billion, a price-to-earnings ratio of 106.30 and a beta of 0.66. The firm’s fifty day moving average is $78.04 and its two-hundred day moving average is $88.35. The company has a debt-to-equity ratio of 38.85, a current ratio of 1.91 and a quick ratio of 1.91.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings results on Wednesday, January 21st. The technology company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $295.70 million during the quarter, compared to the consensus estimate of $306.29 million. MakeMyTrip had a net margin of 7.57% and a return on equity of 23.82%. Equities analysts expect that MakeMyTrip will post 1.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MMYT. Parallel Advisors LLC increased its holdings in MakeMyTrip by 244.8% during the 3rd 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. First Horizon Advisors Inc. acquired a new stake in shares of MakeMyTrip during the second quarter worth approximately $43,000. Farther Finance Advisors LLC bought a new stake in shares of MakeMyTrip in the second quarter worth $50,000. Jones Financial Companies Lllp raised its holdings in MakeMyTrip by 4,420.0% in the third quarter. Jones Financial Companies Lllp now owns 904 shares of the technology company’s stock valued at $86,000 after acquiring an additional 884 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in MakeMyTrip by 23.3% in the second quarter. Signaturefd LLC now owns 1,147 shares of the technology company’s stock valued at $112,000 after acquiring an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 51.89% of the company’s stock.

MakeMyTrip Company Profile

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.