MakeMyTrip (NASDAQ:MMYT) Trading Down 5.4% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT) was down 5.4% on Tuesday . The stock traded as low as $48.01 and last traded at $47.8390. 38,316 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 1,306,811 shares. The stock had previously closed at $50.55.

Wall Street Analyst Weigh In

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

MakeMyTrip Stock Down 4.8%

The business’s 50 day simple moving average is $56.96 and its 200-day simple moving average is $49.94. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 401.00 and a beta of 1.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Leonteq Securities AG bought a new position in shares of MakeMyTrip in the fourth quarter valued at $29,000. EverSource Wealth Advisors LLC boosted its stake in MakeMyTrip by 74.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company’s stock valued at $37,000 after purchasing an additional 422 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in MakeMyTrip by 416.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company’s stock valued at $56,000 after purchasing an additional 546 shares during the last quarter. Westpac Banking Corp bought a new stake in MakeMyTrip during the 4th quarter worth approximately $137,000. Finally, Confluence Investment Management LLC purchased a new stake in shares of MakeMyTrip in the second quarter worth approximately $249,000. 51.89% of the stock is owned by institutional investors.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company serving consumers in India and enabling domestic and international travel bookings. Through its digital platforms and mobile applications, the company offers air tickets, hotel and accommodation reservations, holiday packages, bus tickets, rail tickets, and car-rental and travel-related services.

MakeMyTrip operates a portfolio of recognized travel brands, including MakeMyTrip, goibibo, and redBus. The platforms allow customers to compare and book travel products, while also providing travel suppliers with distribution and customer-acquisition services.