MakeMyTrip (NASDAQ:MMYT) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded MakeMyTrip from “hold” to “sell,” contrasting with the broader analyst consensus of “Moderate Buy” and an average price target of $86.75.
• MakeMyTrip shares opened at $59.02, with a 52-week range of $32.67 to $103.24; the company has a $5.55 billion market capitalization and a notably high P/E ratio of 491.83.
• Institutional investors own 51.89% of the stock, while several firms recently increased their positions, including Rockefeller Capital Management and Parallel Advisors.

MakeMyTrip (NASDAQ:MMYT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

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

MakeMyTrip Price Performance

Shares of MakeMyTrip stock opened at $59.02 on Friday. MakeMyTrip has a 1 year low of $32.67 and a 1 year high of $103.24. The business has a 50 day moving average price of $56.89 and a 200 day moving average price of $50.27. The company has a market capitalization of $5.55 billion, a P/E ratio of 491.83 and a beta of 0.98.

Institutional Investors Weigh In On MakeMyTrip

Several institutional investors have recently bought and sold shares of the business. Leonteq Securities AG purchased a new stake in shares of MakeMyTrip in the fourth quarter worth about $29,000. EverSource Wealth Advisors LLC grew 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 worth $37,000 after buying an additional 422 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of MakeMyTrip by 244.8% in the 3rd quarter. Parallel Advisors LLC now owns 400 shares of the technology company's stock worth $37,000 after acquiring an additional 284 shares during the period. Kestra Advisory Services LLC acquired a new position in MakeMyTrip during the 4th quarter worth $46,000. Finally, Rockefeller Capital Management L.P. raised its position in shares of MakeMyTrip by 416.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company's stock worth $56,000 after buying an additional 546 shares in the last quarter. 51.89% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source