MakeMyTrip (NASDAQ:MMYT) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of MakeMyTrip (NASDAQ:MMYT) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $27.00 target price on the technology company’s stock.

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. “

Separately, Citigroup raised their price objective on MakeMyTrip from $34.00 to $38.00 and gave the stock a buy rating in a research note on Wednesday, July 28th.

Shares of MMYT opened at $25.01 on Wednesday. The business’s fifty day moving average price is $26.60 and its 200 day moving average price is $28.34. MakeMyTrip has a 12-month low of $15.26 and a 12-month high of $39.01. The stock has a market capitalization of $2.62 billion, a PE ratio of -59.55 and a beta of 1.21. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.92 and a quick ratio of 2.92.

MakeMyTrip (NASDAQ:MMYT) last announced its quarterly earnings data on Tuesday, July 27th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.02). MakeMyTrip had a negative return on equity of 5.26% and a negative net margin of 24.04%. The firm had revenue of $32.83 million for the quarter. As a group, research analysts anticipate that MakeMyTrip will post 0.1 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Sowell Financial Services LLC bought a new stake in MakeMyTrip in the first quarter valued at $57,000. UBS Group AG lifted its stake in MakeMyTrip by 84,533.3% in the first quarter. UBS Group AG now owns 2,539 shares of the technology company’s stock valued at $80,000 after buying an additional 2,536 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in MakeMyTrip by 76.9% in the first quarter. Rockefeller Capital Management L.P. now owns 5,750 shares of the technology company’s stock valued at $181,000 after buying an additional 2,500 shares during the last quarter. Tudor Investment Corp Et Al acquired a new position in shares of MakeMyTrip during the second quarter valued at $209,000. Finally, Bridgefront Capital LLC acquired a new position in shares of MakeMyTrip during the second quarter valued at $218,000. Institutional investors own 38.12% of the company’s stock.

About MakeMyTrip

MakeMyTrip Ltd. is an online travel company. Its services and products include air ticketing, hotels and packages, rail tickets, bus tickets, car hire, experiences and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing. The company’s brands include MakeMyTrip, goibibo, and redbus.

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