Acadian Asset Management LLC Sells 277,832 Shares of MakeMyTrip Limited $MMYT

Key Points

• Acadian Asset Management LLC reduced its holdings in MakeMyTrip Limited by 53.6%, now owning 240,274 shares valued at approximately $23.53 million.
• Other institutional investors significantly increased their positions in MakeMyTrip, with Mirae Asset Global Investments boosting its stake by 9,724% to over $2.36 billion in value.
• MakeMyTrip stock currently has an average price target of $120.00 after recent analyst upgrades, with Citigroup maintaining a "buy" rating despite reducing their price objective to $120.00.

Acadian Asset Management LLC trimmed its stake in MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 53.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,274 shares of the technology company's stock after selling 277,832 shares during the quarter. Acadian Asset Management LLC owned approximately 0.22% of MakeMyTrip worth $23,534,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MMYT. BNP Paribas Financial Markets grew its holdings in shares of MakeMyTrip by 98.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,520 shares of the technology company's stock worth $620,000 after acquiring an additional 2,737 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of MakeMyTrip in the fourth quarter worth $452,000. Man Group plc acquired a new stake in shares of MakeMyTrip in the fourth quarter worth $1,978,000. State of Wyoming boosted its position in MakeMyTrip by 149.0% during the fourth quarter. State of Wyoming now owns 2,475 shares of the technology company's stock valued at $278,000 after purchasing an additional 1,481 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in MakeMyTrip by 3.9% during the fourth quarter. Tidal Investments LLC now owns 41,537 shares of the technology company's stock valued at $4,664,000 after purchasing an additional 1,556 shares during the last quarter. 51.89% of the stock is currently owned by institutional investors and hedge funds.

MakeMyTrip Stock Performance

Shares of MakeMyTrip stock traded down $1.57 during trading on Tuesday, reaching $96.43. The company's stock had a trading volume of 519,332 shares, compared to its average volume of 1,008,401. The company has a debt-to-equity ratio of 18.35, a quick ratio of 1.15 and a current ratio of 1.15. The business's fifty day moving average price is $97.43 and its 200-day moving average price is $98.73. The firm has a market cap of $10.73 billion, a price-to-earnings ratio of 112.07 and a beta of 0.87. MakeMyTrip Limited has a one year low of $81.84 and a one year high of $123.00.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MMYT shares. Macquarie raised MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 price objective for the company in a research report on Tuesday, June 24th. Citigroup reduced their price objective on MakeMyTrip from $125.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, July 23rd. Finally, Wall Street Zen raised MakeMyTrip from a "sell" rating to a "hold" rating in a research report on Saturday. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $120.00.

About MakeMyTrip

MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing.