Baillie Gifford & Co. Increases Stock Holdings in MakeMyTrip Limited (NASDAQ:MMYT)

Key Points

• Baillie Gifford & Co. significantly increased its stake in MakeMyTrip Limited by 40%, owning over 5 million shares valued at approximately $505 million as of its latest SEC filing.
• Other institutional investors also raised their holdings, with Parallel Advisors LLC increasing its ownership by over 1,000% during the same period.
• MakeMyTrip's stock has seen recent analyst activity, including upgrades from institutions like Macquarie, indicating a positive shift in market sentiment towards the company.

Baillie Gifford & Co. boosted its holdings in MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 40.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,155,202 shares of the technology company's stock after buying an additional 1,471,660 shares during the period. Baillie Gifford & Co. owned 4.70% of MakeMyTrip worth $505,158,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in MakeMyTrip by 9,724.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,132,381 shares of the technology company's stock worth $2,364,732,000 after buying an additional 23,886,735 shares during the last quarter. Schroder Investment Management Group boosted its stake in MakeMyTrip by 3.6% in the 4th quarter. Schroder Investment Management Group now owns 4,118,898 shares of the technology company's stock worth $462,470,000 after buying an additional 141,507 shares during the last quarter. FMR LLC boosted its stake in MakeMyTrip by 4.3% in the 4th quarter. FMR LLC now owns 3,793,574 shares of the technology company's stock worth $425,942,000 after buying an additional 158,101 shares during the last quarter. Franklin Resources Inc. boosted its stake in MakeMyTrip by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 1,503,980 shares of the technology company's stock worth $168,867,000 after buying an additional 13,157 shares during the last quarter. Finally, Norges Bank acquired a new stake in MakeMyTrip in the 4th quarter worth about $97,833,000. 51.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MMYT has been the topic of a number of research analyst reports. Citigroup decreased their price target on MakeMyTrip from $125.00 to $120.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. Wall Street Zen upgraded MakeMyTrip from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Macquarie upgraded MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 price objective on the stock in a report on Tuesday, June 24th.

MakeMyTrip Trading Down 0.5%

Shares of MakeMyTrip stock traded down $0.54 during trading hours on Tuesday, reaching $101.02. The stock had a trading volume of 378,351 shares, compared to its average volume of 1,047,992. The firm has a 50 day simple moving average of $97.91 and a two-hundred day simple moving average of $100.57. The firm has a market capitalization of $11.24 billion, a price-to-earnings ratio of 117.47 and a beta of 0.85. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 18.35. MakeMyTrip Limited has a 1 year low of $76.95 and a 1 year high of $123.00.

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.