Citigroup Issues Pessimistic Forecast for MakeMyTrip (NASDAQ:MMYT) Stock Price

Key Points

• Citigroup cut its price target on MakeMyTrip from $96 to $80 but kept a "buy" rating, with the $80 target implying roughly an 87% upside from the stock's current level.
• Consensus remains a "Moderate Buy" (four Buy, one Hold) with an average target of $101, yet MMYT trades near $42.69, carries a high P/E (~88.7), and recently beat EPS ($0.52 vs. $0.43) while missing revenue expectations ($295.7M vs. $306.3M).

MakeMyTrip (NASDAQ:MMYT - Get Free Report) had its price objective lowered by research analysts at Citigroup from $96.00 to $80.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Citigroup's price objective points to a potential upside of 87.38% from the company's current price.

A number of other equities analysts have also weighed in on MMYT. Morgan Stanley reiterated an "overweight" rating on shares of MakeMyTrip in a report on Wednesday, December 31st. Weiss Ratings reiterated a "hold (c)" rating on shares of MakeMyTrip in a report on Tuesday, January 27th. Bank of America decreased their price target on shares of MakeMyTrip from $115.00 to $113.00 and set a "buy" rating on the stock in a report on Wednesday, December 24th. Finally, Wall Street Zen raised shares of MakeMyTrip from a "sell" rating to a "hold" rating in a research note on Saturday, April 4th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $101.00.

MakeMyTrip Stock Performance

NASDAQ MMYT traded up $1.84 during trading hours on Monday, hitting $42.69. 280,552 shares of the stock were exchanged, compared to its average volume of 1,865,589. MakeMyTrip has a 12-month low of $32.67 and a 12-month high of $113.85. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 38.85. The company has a market cap of $4.75 billion, a price-to-earnings ratio of 88.74, a price-to-earnings-growth ratio of 1.66 and a beta of 0.83. The stock has a 50-day moving average of $49.13 and a 200 day moving average of $69.37.

MakeMyTrip (NASDAQ:MMYT - Get Free Report) last released its quarterly earnings results on Wednesday, January 21st. The technology company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.43 by $0.09. MakeMyTrip had a net margin of 5.46% and a return on equity of 48.06%. The business had revenue of $295.70 million for the quarter, compared to analyst estimates of $306.29 million. As a group, equities research analysts forecast that MakeMyTrip will post 1.27 earnings per share for the current year.

Hedge Funds Weigh In On MakeMyTrip

A number of hedge funds have recently made changes to their positions in MMYT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in MakeMyTrip by 11.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,755 shares of the technology company's stock worth $1,642,000 after buying an additional 1,721 shares during the period. Daiwa Securities Group Inc. increased its stake in MakeMyTrip by 24.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,424 shares of the technology company's stock worth $336,000 after buying an additional 679 shares during the period. Nebula Research & Development LLC increased its stake in MakeMyTrip by 9.2% during the 2nd quarter. Nebula Research & Development LLC now owns 15,890 shares of the technology company's stock worth $1,558,000 after buying an additional 1,345 shares during the period. Sei Investments Co. grew its holdings in MakeMyTrip by 14.9% during the 2nd quarter. Sei Investments Co. now owns 520,853 shares of the technology company's stock worth $51,054,000 after acquiring an additional 67,367 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in MakeMyTrip by 108.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 201,101 shares of the technology company's stock worth $19,712,000 after acquiring an additional 104,641 shares in the last quarter. Hedge funds and other institutional investors own 51.89% of the company's stock.

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.

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