MakeMyTrip Limited $MMYT Stock Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its MakeMyTrip stake by 4.3% in the third quarter, adding 59,222 shares to own about 1.44 million shares, valued at $68.8 million.
• Other institutional investors also adjusted or expanded their holdings; institutions own 51.89% of the company. CEO Rajesh Magow sold 10,000 shares for about $501,000, reducing his direct stake by one-third.
• MakeMyTrip reported quarterly EPS of $0.47, beating estimates of $0.04, while revenue of $235.2 million fell short of forecasts. Analysts’ consensus rating is “Moderate Buy,” with a $72.25 average price target.

Allspring Global Investments Holdings LLC increased its position in shares of MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,441,643 shares of the technology company's stock after buying an additional 59,222 shares during the period. Allspring Global Investments Holdings LLC owned 1.53% of MakeMyTrip worth $68,838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MMYT. Temasek Holdings Private Ltd bought a new position in shares of MakeMyTrip in the 1st quarter valued at about $63,447,000. Sei Investments Co. increased its stake in shares of MakeMyTrip by 17.5% during the 1st quarter. Sei Investments Co. now owns 652,971 shares of the technology company's stock worth $24,349,000 after purchasing an additional 97,377 shares during the last quarter. Flossbach Von Storch SE bought a new stake in shares of MakeMyTrip in the 2nd quarter valued at about $2,664,000. Coronation Fund Managers Ltd. raised its holdings in shares of MakeMyTrip by 22.5% in the 1st quarter. Coronation Fund Managers Ltd. now owns 1,532,202 shares of the technology company's stock valued at $57,136,000 after purchasing an additional 280,923 shares during the period. Finally, Wasatch Advisors LP raised its holdings in shares of MakeMyTrip by 5.7% in the 2nd quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company's stock valued at $131,811,000 after purchasing an additional 133,723 shares during the period. 51.89% of the stock is owned by institutional investors.

Insider Buying and Selling at MakeMyTrip

In other news, CEO Rajesh Magow sold 10,000 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $50.11, for a total transaction of $501,100.00. Following the sale, the chief executive officer directly owned 20,000 shares of the company's stock, valued at approximately $1,002,200. This represents a 33.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 10.30% of the company's stock.

MakeMyTrip Stock Up 1.5%

Shares of MakeMyTrip stock opened at $51.86 on Tuesday. MakeMyTrip Limited has a twelve month low of $32.67 and a twelve month high of $86.94. The company has a 50-day simple moving average of $47.50 and a two-hundred day simple moving average of $50.24. The stock has a market capitalization of $4.88 billion, a price-to-earnings ratio of 33.17 and a beta of 1.04.

MakeMyTrip (NASDAQ:MMYT - Get Free Report) last announced its earnings results on Monday, October 26th. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.43. The firm had revenue of $235.16 million for the quarter, compared to analyst estimates of $269.09 million. MakeMyTrip had a net margin of 3.91% and a negative return on equity of 312.82%. On average, sell-side analysts anticipate that MakeMyTrip Limited will post 1.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MMYT has been the topic of several research analyst reports. Weiss Ratings upgraded MakeMyTrip from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, October 26th. Zacks Research cut MakeMyTrip from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Wall Street Zen upgraded MakeMyTrip from a "sell" rating to a "hold" rating in a research note on Saturday, October 24th. Finally, Bank of America decreased their target price on MakeMyTrip from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Tuesday, October 27th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, MakeMyTrip presently has an average rating of "Moderate Buy" and a consensus price target of $72.25.

MakeMyTrip Company Profile

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