Envestnet Asset Management Inc. Buys 9,777 Shares of MakeMyTrip Limited (NASDAQ:MMYT)

Key Points

• Envestnet Asset Management Inc. increased its stake in MakeMyTrip Limited by 48.1%, acquiring an additional 9,777 shares, bringing its total holdings to 30,091 shares worth approximately $2.94 million.
• Institutional investors collectively own 51.89% of MakeMyTrip's stock, with several firms, including Parallel Advisors LLC and Rakuten Securities Inc., significantly boosting their positions in the first quarter.
• Analyst ratings for MakeMyTrip have varied, with Citigroup lowering its price target to $120 while Macquarie upgraded it to a target of $110, indicating mixed outlooks in the market.

Envestnet Asset Management Inc. increased its stake in shares of MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 48.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,091 shares of the technology company's stock after purchasing an additional 9,777 shares during the period. Envestnet Asset Management Inc.'s holdings in MakeMyTrip were worth $2,949,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MMYT. Allspring Global Investments Holdings LLC boosted its stake in shares of MakeMyTrip by 325.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,218 shares of the technology company's stock worth $2,202,000 after acquiring an additional 17,000 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in MakeMyTrip during the fourth quarter valued at $2,183,000. Squarepoint Ops LLC lifted its position in MakeMyTrip by 103.1% during the fourth quarter. Squarepoint Ops LLC now owns 6,105 shares of the technology company's stock valued at $685,000 after purchasing an additional 3,099 shares in the last quarter. Prudential PLC increased its position in MakeMyTrip by 70.8% in the fourth quarter. Prudential PLC now owns 10,787 shares of the technology company's stock worth $1,211,000 after buying an additional 4,470 shares in the last quarter. Finally, Norges Bank bought a new position in shares of MakeMyTrip in the fourth quarter worth about $97,833,000. Institutional investors own 51.89% of the company's stock.

MakeMyTrip Price Performance

Shares of NASDAQ:MMYT traded down $1.19 during mid-day trading on Monday, reaching $101.56. The stock had a trading volume of 836,540 shares, compared to its average volume of 1,287,424. The business's 50 day moving average price is $97.98 and its 200 day moving average price is $100.60. MakeMyTrip Limited has a 1 year low of $76.95 and a 1 year high of $123.00. The company has a market cap of $11.30 billion, a P/E ratio of 118.09 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.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup reduced their target price on shares of MakeMyTrip from $125.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Wall Street Zen raised shares of MakeMyTrip from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Macquarie raised MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 price target on the stock in a report on Tuesday, June 24th.

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.