MakeMyTrip (NASDAQ:MMYT) Stock Bumped Down to "Sell" by Wall Street Zen

Key Points

• Wall Street Zen downgraded MakeMyTrip from “Hold” to “Sell,” contrasting with the broader analyst consensus of “Moderate Buy.”
• Five analysts rate the stock a Buy and two rate it a Hold, with an average price target of $73.50; recent targets range from $60 to $84.
• MakeMyTrip shares opened at $44.73, with a $4.21 billion market capitalization, a 372.75 price-to-earnings ratio, and a one-year trading range of $32.67 to $96.60.

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

Several other equities research analysts also recently commented on MMYT. HSBC initiated coverage on MakeMyTrip in a report on Thursday, July 2nd. They set a "buy" rating and a $70.00 target price for the company. The Goldman Sachs Group set a $84.00 price objective on MakeMyTrip in a report on Saturday, June 27th. Bank of America reduced their price objective on shares of MakeMyTrip from $71.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, September 28th. Finally, Zacks Research cut shares of MakeMyTrip from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $73.50.

MakeMyTrip Stock Performance

Shares of NASDAQ:MMYT opened at $44.73 on Friday. The company has a market capitalization of $4.21 billion, a PE ratio of 372.75 and a beta of 1.07. The stock has a fifty day moving average of $53.69 and a 200-day moving average of $49.57. MakeMyTrip has a one year low of $32.67 and a one year high of $96.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC boosted its position in MakeMyTrip by 26.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,007 shares of the technology company's stock worth $95,000 after acquiring an additional 422 shares during the period. Carrhae Capital LLP increased its holdings in shares of MakeMyTrip by 47.0% in the 2nd quarter. Carrhae Capital LLP now owns 221,385 shares of the technology company's stock valued at $11,798,000 after purchasing an additional 70,823 shares during the period. Carmignac Gestion increased its holdings in shares of MakeMyTrip by 32.9% in the 2nd quarter. Carmignac Gestion now owns 40,452 shares of the technology company's stock valued at $2,156,000 after purchasing an additional 10,024 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of MakeMyTrip in the 2nd quarter valued at about $1,704,000. Finally, Flossbach Von Storch SE purchased a new stake in shares of MakeMyTrip in the second quarter worth approximately $2,664,000. Hedge funds and other institutional investors own 51.89% of the company's stock.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company that operates consumer travel platforms in India and other markets. Founded in 2000 by Deep Kalra, the company provides digital tools for researching, planning and booking travel through its websites and mobile applications.

Its services include airline and rail ticketing, hotel and accommodation reservations, holiday packages, bus tickets, car rentals and airport transfers. MakeMyTrip also offers travel-related services such as activities, travel insurance and other ancillary products, depending on the market and booking channel.

The company operates the MakeMyTrip and Goibibo brands, as well as the redBus intercity bus-ticketing platform.

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.