MakeMyTrip (NASDAQ:MMYT) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of MakeMyTrip (NASDAQ:MMYT) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

Several other research firms have also issued reports on MMYT. HSBC started coverage on MakeMyTrip in a report on Thursday, July 2nd. They set a “buy” rating and a $70.00 target price on the stock. The Goldman Sachs Group set a $84.00 price objective on shares of MakeMyTrip in a research report on Saturday, June 27th. Zacks Research downgraded shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Citigroup reissued a “buy” rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.75.

MakeMyTrip Price Performance

Shares of NASDAQ:MMYT opened at $58.26 on Friday. The business’s 50 day simple moving average is $57.13 and its 200 day simple moving average is $50.18. MakeMyTrip has a 1 year low of $32.67 and a 1 year high of $103.24. The company has a market capitalization of $5.48 billion, a P/E ratio of 485.50 and a beta of 0.98.

Institutional Investors Weigh In On MakeMyTrip

A number of hedge funds have recently made changes to their positions in MMYT. GeoWealth Management LLC grew its holdings in shares of MakeMyTrip by 4.6% during the 3rd quarter. GeoWealth Management LLC now owns 3,861 shares of the technology company’s stock valued at $361,000 after purchasing an additional 169 shares during the last quarter. Osaic Holdings Inc. boosted its position in MakeMyTrip by 10.2% in the second quarter. Osaic Holdings Inc. now owns 2,028 shares of the technology company’s stock valued at $199,000 after buying an additional 188 shares in the last quarter. SBI Securities Co. Ltd. boosted its position in MakeMyTrip by 33.9% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,097 shares of the technology company’s stock valued at $90,000 after buying an additional 278 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of MakeMyTrip by 244.8% during the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock worth $37,000 after buying an additional 284 shares during the last quarter. Finally, FACT Capital LP grew its stake in shares of MakeMyTrip by 0.4% during the fourth quarter. FACT Capital LP now owns 69,641 shares of the technology company’s stock worth $5,719,000 after buying an additional 292 shares during the last quarter. 51.89% of the stock is currently 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.