MakeMyTrip (NASDAQ:MMYT) Stock Price Down 6.4% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT) fell 6.4% during mid-day trading on Wednesday . The company traded as low as $51.47 and last traded at $50.4520. 142,736 shares traded hands during trading, a decline of 89% from the average daily volume of 1,315,489 shares. The stock had previously closed at $53.90.

Wall Street Analyst Weigh In

A number of research firms recently commented on MMYT. Wall Street Zen cut MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. The Goldman Sachs Group set a $84.00 price objective on MakeMyTrip in a report on Saturday, June 27th. HSBC assumed coverage on MakeMyTrip in a research report on Thursday, July 2nd. They set a “buy” rating and a $70.00 price objective on the stock. Zacks Research cut MakeMyTrip from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Citigroup reaffirmed a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.75.

MakeMyTrip Stock Down 8.7%

The firm’s 50-day simple moving average is $57.63 and its 200-day simple moving average is $50.12. The firm has a market capitalization of $4.63 billion, a PE ratio of 411.92 and a beta of 1.00.

Institutional Trading of MakeMyTrip

A number of institutional investors have recently made changes to their positions in the stock. GeoWealth Management LLC grew its holdings in shares of MakeMyTrip by 4.6% in the third quarter. GeoWealth Management LLC now owns 3,861 shares of the technology company’s stock worth $361,000 after purchasing an additional 169 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of MakeMyTrip by 10.2% during the second quarter. Osaic Holdings Inc. now owns 2,028 shares of the technology company’s stock valued at $199,000 after acquiring an additional 188 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in MakeMyTrip by 33.9% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,097 shares of the technology company’s stock worth $90,000 after purchasing an additional 278 shares in the last quarter. Parallel Advisors LLC increased its position in shares of MakeMyTrip by 244.8% during the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after buying an additional 284 shares during the period. Finally, FACT Capital LP raised its stake in MakeMyTrip by 0.4% in 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 in the last quarter. Hedge funds and other institutional investors own 51.89% of the company’s stock.

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.