MakeMyTrip (NASDAQ:MMYT) Shares Up 8.9% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT) traded up 8.9% on Wednesday . The stock traded as high as $50.17 and last traded at $50.7150. Approximately 397,793 shares changed hands during trading, a decline of 74% from the average daily volume of 1,543,476 shares. The stock had previously closed at $46.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. The Goldman Sachs Group restated a “buy” rating on shares of MakeMyTrip in a research report on Thursday, May 7th. Zacks Research lowered MakeMyTrip from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Citigroup restated a “buy” rating on shares of MakeMyTrip in a 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. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $96.50.

MakeMyTrip Price Performance

The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 207.63 and a beta of 1.01. The company has a fifty day simple moving average of $45.39 and a 200 day simple moving average of $56.06. The company has a debt-to-equity ratio of 38.85, a quick ratio of 3.05 and a current ratio of 3.05.

Hedge Funds Weigh In On MakeMyTrip

A number of hedge funds and other institutional investors have recently made changes to their positions in MMYT. Leonteq Securities AG acquired a new stake in MakeMyTrip during the 4th quarter valued at approximately $29,000. Parallel Advisors LLC lifted its position in shares of MakeMyTrip by 244.8% in 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 period. Kestra Advisory Services LLC acquired a new position in shares of MakeMyTrip in the 4th quarter worth approximately $46,000. Stone House Investment Management LLC boosted its stake in shares of MakeMyTrip by 50.0% in the 4th quarter. Stone House Investment Management LLC now owns 600 shares of the technology company’s stock valued at $49,000 after purchasing an additional 200 shares during the last quarter. Finally, Rakuten Securities Inc. boosted its stake in shares of MakeMyTrip by 893.9% in the 4th quarter. Rakuten Securities Inc. now owns 656 shares of the technology company’s stock valued at $54,000 after purchasing an additional 590 shares during the last quarter. 51.89% of the stock is owned by institutional investors and hedge funds.

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.