New Vernon Capital Holdings II LLC Increases Position in MakeMyTrip Limited $MMYT

Key Points

• New Vernon Capital Holdings II LLC significantly increased its stake in MakeMyTrip by 9,699%, acquiring 5,090,811 shares to own a total of 5,143,299 shares, making it the fund's sixth largest position.
• Institutional investors now hold approximately 51.89% of MakeMyTrip's stock, reflecting a growing interest from various funds, including Gen Wealth Partners and Signaturefd LLC.
• MakeMyTrip currently has an average target price of $120.00 according to analysts, with three firms rating it as a "Buy" while one firm recently downgraded it to "Sell."

New Vernon Capital Holdings II LLC increased its position in MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 9,699.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,143,299 shares of the technology company's stock after purchasing an additional 5,090,811 shares during the period. MakeMyTrip comprises about 2.3% of New Vernon Capital Holdings II LLC's investment portfolio, making the stock its 6th biggest holding. New Vernon Capital Holdings II LLC owned 4.69% of MakeMyTrip worth $503,992,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of MakeMyTrip by 9,724.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,132,381 shares of the technology company's stock valued at $2,364,732,000 after buying an additional 23,886,735 shares during the period. Baillie Gifford & Co. boosted its stake in shares of MakeMyTrip by 40.0% during the 1st quarter. Baillie Gifford & Co. now owns 5,155,202 shares of the technology company's stock valued at $505,158,000 after buying an additional 1,471,660 shares during the period. GQG Partners LLC boosted its stake in shares of MakeMyTrip by 273.2% during the 1st quarter. GQG Partners LLC now owns 2,009,506 shares of the technology company's stock valued at $196,911,000 after buying an additional 1,470,985 shares during the period. American Century Companies Inc. boosted its stake in shares of MakeMyTrip by 5.2% during the 1st quarter. American Century Companies Inc. now owns 1,336,008 shares of the technology company's stock valued at $130,915,000 after buying an additional 66,614 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of MakeMyTrip by 11.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 800,033 shares of the technology company's stock valued at $78,395,000 after buying an additional 82,282 shares during the period. Institutional investors and hedge funds own 51.89% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MMYT shares. Wall Street Zen lowered shares of MakeMyTrip from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Macquarie raised shares of MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 target price for the company in a research note on Tuesday, June 24th. Finally, Citigroup reduced 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. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $120.00.

MakeMyTrip Stock Performance

MMYT traded down $1.48 during trading on Wednesday, hitting $96.41. The stock had a trading volume of 440,511 shares, compared to its average volume of 1,004,504. The firm has a market cap of $10.73 billion, a PE ratio of 111.96 and a beta of 0.87. MakeMyTrip Limited has a 12 month low of $81.84 and a 12 month 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 $97.21 and a 200-day simple moving average of $98.62.

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.