Thornburg Investment Management Inc. Sells 5,984 Shares of MakeMyTrip Limited (NASDAQ:MMYT)

Key Points

• Thornburg Investment Management Inc. has reduced its stake in MakeMyTrip Limited by 40.8%, owning 8,674 shares valued at $850,000.
• Several institutional investors, including Allspring Global Investments, have significantly increased their stakes in MakeMyTrip, indicating growing confidence in the company.
• Wall Street analysts have mixed views on MakeMyTrip, with Citigroup lowering its target price to $120, while Macquarie upgraded the stock to "outperform" with a target of $110.

Thornburg Investment Management Inc. reduced its holdings in MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 40.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,674 shares of the technology company's stock after selling 5,984 shares during the period. Thornburg Investment Management Inc.'s holdings in MakeMyTrip were worth $850,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in MakeMyTrip by 1,014.9% in the 1st quarter. Parallel Advisors LLC now owns 524 shares of the technology company's stock valued at $51,000 after purchasing an additional 477 shares in the last quarter. Gen Wealth Partners Inc raised its holdings in shares of MakeMyTrip by 29.5% in the 4th quarter. Gen Wealth Partners Inc now owns 725 shares of the technology company's stock valued at $81,000 after buying an additional 165 shares during the period. Signaturefd LLC increased its stake in MakeMyTrip by 40.9% during the 1st quarter. Signaturefd LLC now owns 930 shares of the technology company's stock worth $91,000 after buying an additional 270 shares during the period. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of MakeMyTrip in the 1st quarter valued at about $107,000. Finally, Quadrant Capital Group LLC purchased a new stake in MakeMyTrip during the 4th quarter worth about $125,000. 51.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

MakeMyTrip Price Performance

NASDAQ:MMYT traded down $6.55 during mid-day trading on Wednesday, reaching $92.57. 2,524,301 shares of the stock were exchanged, compared to its average volume of 1,202,307. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 18.35. The firm has a market capitalization of $10.30 billion, a PE ratio of 107.64 and a beta of 0.85. MakeMyTrip Limited has a 1-year low of $76.95 and a 1-year high of $123.00. The business has a fifty day moving average price of $97.82 and a 200 day moving average price of $100.56.

MakeMyTrip Profile

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.