The Manufacturers Life Insurance Company Acquires 82,282 Shares of MakeMyTrip Limited $MMYT

Key Points

• The Manufacturers Life Insurance Company increased its stake in MakeMyTrip Limited by 11.5%, acquiring an additional 82,282 shares to reach a total of 800,033 shares worth approximately $78.4 million.
• Several hedge funds have notably increased their positions in MakeMyTrip, with Mirae Asset Global Investments raising its stake by 9,724% to own over 24 million shares valued at approximately $2.36 billion.
• The stock currently holds a consensus rating of "Buy" with an average price target of $120.00, despite a recent downgrade from Wall Street Zen from "hold" to "sell."

The Manufacturers Life Insurance Company increased its position in shares of MakeMyTrip Limited (NASDAQ:MMYT - Free Report) by 11.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 800,033 shares of the technology company's stock after buying an additional 82,282 shares during the period. The Manufacturers Life Insurance Company owned 0.73% of MakeMyTrip worth $78,395,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in MakeMyTrip by 9,724.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,132,381 shares of the technology company's stock worth $2,364,732,000 after buying an additional 23,886,735 shares during the last quarter. Baillie Gifford & Co. raised its stake in MakeMyTrip by 40.0% during the first quarter. Baillie Gifford & Co. now owns 5,155,202 shares of the technology company's stock worth $505,158,000 after buying an additional 1,471,660 shares during the last quarter. GQG Partners LLC raised its stake in MakeMyTrip by 273.2% during the first quarter. GQG Partners LLC now owns 2,009,506 shares of the technology company's stock worth $196,911,000 after buying an additional 1,470,985 shares during the last quarter. American Century Companies Inc. raised its stake in MakeMyTrip by 5.2% during the first quarter. American Century Companies Inc. now owns 1,336,008 shares of the technology company's stock worth $130,915,000 after buying an additional 66,614 shares during the last quarter. Finally, Ninety One UK Ltd raised its stake in MakeMyTrip by 1,586.6% during the first quarter. Ninety One UK Ltd now owns 772,853 shares of the technology company's stock worth $75,732,000 after buying an additional 727,030 shares during the last quarter. Institutional investors own 51.89% of the company's stock.

MakeMyTrip Trading Down 1.7%

NASDAQ:MMYT opened at $98.75 on Friday. 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 stock has a market capitalization of $10.99 billion, a price-to-earnings ratio of 114.83 and a beta of 0.86. The firm has a fifty day simple moving average of $96.81 and a two-hundred day simple moving average of $98.78. MakeMyTrip Limited has a 12 month low of $81.84 and a 12 month high of $123.00.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wall Street Zen downgraded 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 lowered their target price 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.com, the stock presently has a consensus rating of "Buy" and an average price target of $120.00.

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.

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