MakeMyTrip (NASDAQ:MMYT) Trading Down 6.9% – Should You Sell?

MakeMyTrip Limited (NASDAQ:MMYT) shares fell 6.9% during trading on Wednesday . The company traded as low as $52.86 and last traded at $52.5660. Approximately 472,704 shares were traded during trading, a decline of 68% from the average daily volume of 1,495,983 shares. The stock had previously closed at $56.49.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. The Goldman Sachs Group set a $84.00 price target on MakeMyTrip in a research note on Saturday, June 27th. Zacks Research upgraded MakeMyTrip from a “strong sell” rating to a “strong-buy” rating in a research report on Monday. Citigroup reissued a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. HSBC assumed coverage on MakeMyTrip in a research report on Thursday, July 2nd. They issued a “buy” rating and a $70.00 target price for the company. Finally, Wall Street Zen downgraded shares of MakeMyTrip from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, MakeMyTrip currently has a consensus rating of “Buy” and a consensus target price of $86.75.

MakeMyTrip Stock Down 4.7%

The company’s 50 day moving average is $49.12 and its two-hundred day moving average is $52.04. The company has a market capitalization of $5.47 billion, a PE ratio of 196.76 and a beta of 0.98.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in shares of MakeMyTrip by 780.3% in the 4th quarter. Royal Bank of Canada now owns 2,274,679 shares of the technology company’s stock worth $186,797,000 after acquiring an additional 2,016,281 shares during the last quarter. Capital Research Global Investors bought a new stake in shares of MakeMyTrip during the fourth quarter valued at approximately $150,069,000. Temasek Holdings Private Ltd purchased a new stake in shares of MakeMyTrip in the 1st quarter worth $63,447,000. Norges Bank bought a new position in MakeMyTrip during the 4th quarter worth about $90,284,000. Finally, Wasatch Advisors LP lifted its holdings in MakeMyTrip by 64.2% during the first quarter. Wasatch Advisors LP now owns 2,339,741 shares of the technology company’s stock worth $87,249,000 after buying an additional 914,402 shares during the period. 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.