MakeMyTrip (MMYT) Downgraded by Zacks Investment Research to Sell

MakeMyTrip (NASDAQ:MMYT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

According to Zacks, “MakeMyTrip Limited is an online travel service company which offers travel products and solutions in India and the United States. The Company’s services and products include air tickets, customized holiday packages, hotel booking, railway tickets, bus tickets, car hire and facilitating access to travel insurance. MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited and MakeMyTrip.com Inc. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the Company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, a wide selection of hotels in and outside India, Indian Railways and several major Indian bus operators. MakeMyTrip Limited is based in Gurgaon, India. “

Several other equities analysts have also recently weighed in on MMYT. ValuEngine cut MakeMyTrip from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Jefferies Group reiterated a “hold” rating and set a $31.50 price objective on shares of MakeMyTrip in a report on Friday, October 13th. Goldman Sachs Group started coverage on MakeMyTrip in a report on Thursday, November 30th. They set a “buy” rating and a $36.00 price objective on the stock. UBS Group cut MakeMyTrip from a “buy” rating to a “sell” rating and set a $30.00 price objective on the stock. in a report on Wednesday, September 20th. Finally, TheStreet cut MakeMyTrip from a “c-” rating to a “d” rating in a report on Tuesday, November 14th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $32.13.

MakeMyTrip (MMYT) opened at $29.35 on Friday. MakeMyTrip has a 1-year low of $22.40 and a 1-year high of $40.90. The stock has a market capitalization of $2,690.00, a PE ratio of -12.28 and a beta of 0.17.

MakeMyTrip (NASDAQ:MMYT) last issued its earnings results on Wednesday, November 1st. The technology company reported ($0.45) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.72) by $0.27. MakeMyTrip had a negative return on equity of 12.74% and a negative net margin of 31.73%. The firm had revenue of $139.20 million for the quarter, compared to analysts’ expectations of $110.72 million. During the same quarter last year, the business earned ($0.61) earnings per share. The company’s revenue was up 161.7% compared to the same quarter last year. equities analysts forecast that MakeMyTrip will post -2.28 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. Capital World Investors lifted its holdings in shares of MakeMyTrip by 20.9% during the 2nd quarter. Capital World Investors now owns 5,679,214 shares of the technology company’s stock valued at $190,201,000 after purchasing an additional 981,229 shares in the last quarter. Ward Ferry Management BVI Ltd raised its position in MakeMyTrip by 13.4% in the 3rd quarter. Ward Ferry Management BVI Ltd now owns 2,735,212 shares of the technology company’s stock valued at $78,637,000 after buying an additional 322,700 shares during the last quarter. Janus Henderson Group PLC raised its position in MakeMyTrip by 9.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,620,313 shares of the technology company’s stock valued at $75,334,000 after buying an additional 231,250 shares during the last quarter. Baillie Gifford & Co. raised its position in MakeMyTrip by 6.7% in the 3rd quarter. Baillie Gifford & Co. now owns 2,537,697 shares of the technology company’s stock valued at $72,959,000 after buying an additional 158,729 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in MakeMyTrip by 110.7% in the 2nd quarter. Franklin Resources Inc. now owns 1,930,468 shares of the technology company’s stock valued at $64,753,000 after buying an additional 1,014,468 shares during the last quarter. Institutional investors and hedge funds own 44.85% of the company’s stock.

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MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company in India. The Company’s services and products include air ticketing, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements, such as facilitating access to third-party travel insurance and visa processing. Its segments include Air ticketing, which provides the facility to book international and domestic air tickets through an Internet-based platform; Hotels and packages, which provides holiday packages and hotel reservations through an Internet-based platform, call-centers and branch offices, and Others, which include advertisement income from hosting advertisements on its Internet Web-sites, income from sale of rail and bus tickets and income from facilitating Website access to a travel insurance company.

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