MakeMyTrip Limited (NASDAQ:MMYT) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• MakeMyTrip has a “Moderate Buy” consensus from seven analysts: five rate it a buy and two recommend holding the stock. The average 12-month price target is $73.50.
• Analyst views remain mixed, with price targets ranging from $60 at Bank of America to $84 at Goldman Sachs; Wall Street Zen and Zacks Research recently downgraded the stock.
• MMYT opened at $47.75, below its 50-day moving average of $54.92, while institutional investors and hedge funds own 51.89% of the company.

MakeMyTrip Limited (NASDAQ:MMYT - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the seven research firms that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $73.50.

A number of equities research analysts recently issued reports on MMYT shares. Wall Street Zen lowered MakeMyTrip from a "hold" rating to a "sell" rating in a research note on Saturday, August 29th. HSBC assumed coverage on MakeMyTrip in a research report on Thursday, July 2nd. They set a "buy" rating and a $70.00 price target for the company. The Goldman Sachs Group set a $84.00 price objective on MakeMyTrip in a research report on Saturday, June 27th. Bank of America reduced their price objective on MakeMyTrip from $71.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday. Finally, Zacks Research lowered MakeMyTrip from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th.

MakeMyTrip Price Performance

Shares of MMYT opened at $47.75 on Friday. The firm has a 50 day simple moving average of $54.92 and a 200-day simple moving average of $49.58. MakeMyTrip has a 1-year low of $32.67 and a 1-year high of $96.60. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 397.92 and a beta of 1.07.

Institutional Investors Weigh In On MakeMyTrip

Hedge funds have recently modified their holdings of the company. FACT Capital LP increased its position in MakeMyTrip by 0.4% during the fourth quarter. FACT Capital LP now owns 69,641 shares of the technology company's stock worth $5,719,000 after purchasing an additional 292 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in MakeMyTrip by 74.3% during the first quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company's stock worth $37,000 after purchasing an additional 422 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in shares of MakeMyTrip by 416.8% in 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 acquired a new position in shares of MakeMyTrip in the 4th quarter valued at $137,000. Finally, SG Americas Securities LLC grew its stake in shares of MakeMyTrip by 31.0% during the 1st quarter. SG Americas Securities LLC now owns 12,731 shares of the technology company's stock valued at $475,000 after buying an additional 3,016 shares during the period. 51.89% of the stock is owned by institutional investors and hedge funds.

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.

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