Navellier & Associates Inc. Sells 14,636 Shares of MakeMyTrip Limited (NASDAQ:MMYT)

Key Points

• Navellier & Associates Inc. reduced its stake in MakeMyTrip by 31.9%, selling 14,636 shares and retaining 31,204 shares valued at approximately $3,058,000.
• Several institutional investors have increased their positions in MakeMyTrip, including Norges Bank, which recently acquired a new stake worth about $97.83 million.
• Analysts have mixed opinions on MakeMyTrip, with Macquarie upgrading the stock to "outperform" with a target price of $110.00, while Citigroup lowered its target from $125.00 to $120.00.

Navellier & Associates Inc. reduced its stake in shares of MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 31.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,204 shares of the technology company's stock after selling 14,636 shares during the quarter. Navellier & Associates Inc.'s holdings in MakeMyTrip were worth $3,058,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in MakeMyTrip by 325.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,218 shares of the technology company's stock valued at $2,202,000 after purchasing an additional 17,000 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in MakeMyTrip during the 4th quarter valued at $2,183,000. Squarepoint Ops LLC raised its stake in MakeMyTrip by 103.1% during the 4th 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 during the last quarter. Diversify Wealth Management LLC acquired a new position in shares of MakeMyTrip in the 1st quarter valued at $1,063,000. Finally, Carrhae Capital LLP raised its stake in shares of MakeMyTrip by 88.6% in the 1st quarter. Carrhae Capital LLP now owns 397,945 shares of the technology company's stock valued at $38,995,000 after buying an additional 186,995 shares in the last quarter. 51.89% of the stock is currently owned by institutional investors and hedge funds.

MakeMyTrip Price Performance

MMYT stock traded down $1.88 during trading on Monday, hitting $100.87. 326,742 shares of the stock traded hands, compared to its average volume of 1,049,172. The stock has a market cap of $11.22 billion, a price-to-earnings ratio of 117.25 and a beta of 0.85. MakeMyTrip Limited has a one year low of $76.95 and a one year high of $123.00. 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 company has a 50 day simple moving average of $97.98 and a 200 day simple moving average of $100.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Citigroup dropped their price objective on shares of MakeMyTrip from $125.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Wall Street Zen upgraded shares of MakeMyTrip from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Macquarie upgraded shares of MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 price objective for the company in a research note 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.