Insider Selling: MakeMyTrip (NASDAQ:MMYT) CEO Sells $501,100.00 in Stock

Key Points

• CEO Rajesh Magow sold 10,000 shares for $501,100 on Nov. 4, reducing his stake by 33.3% to 20,000 shares. He had also sold 20,000 shares the previous day.
• MakeMyTrip shares fell 4.5% to $48.46 on Thursday. The company beat quarterly earnings-per-share estimates ($0.47 versus $0.04) but reported revenue below expectations.
• Analysts give the stock a consensus “Moderate Buy” rating and a $72.25 average price target; Bank of America lowered its target to $55 while maintaining a Buy rating.

MakeMyTrip Limited (NASDAQ:MMYT - Get Free Report) CEO Rajesh Magow sold 10,000 shares of MakeMyTrip stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $50.11, for a total transaction of $501,100.00. Following the sale, the chief executive officer owned 20,000 shares of the company's stock, valued at $1,002,200. The trade was a 33.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rajesh Magow also recently made the following trade(s):

• On Tuesday, November 3rd, Rajesh Magow sold 20,000 shares of MakeMyTrip stock. The shares were sold at an average price of $45.25, for a total value of $905,000.00.

MakeMyTrip Stock Down 4.5%

MMYT stock traded down $2.29 during trading on Thursday, hitting $48.46. 1,065,385 shares of the company's stock traded hands, compared to its average volume of 1,271,239. The firm has a market capitalization of $4.56 billion, a P/E ratio of 241.71 and a beta of 1.04. MakeMyTrip Limited has a 1 year low of $32.67 and a 1 year high of $86.94. The business has a fifty day simple moving average of $47.94 and a two-hundred day simple moving average of $50.54.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Temasek Holdings Private Ltd acquired a new position in MakeMyTrip in the first quarter valued at approximately $63,447,000. Royal Bank of Canada boosted its holdings in shares of MakeMyTrip by 53.8% in the 1st quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company's stock valued at $130,464,000 after buying an additional 1,223,963 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of MakeMyTrip by 43.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,365,505 shares of the technology company's stock valued at $51,725,000 after buying an additional 413,087 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in shares of MakeMyTrip by 22.5% during the first quarter. Coronation Fund Managers Ltd. now owns 1,532,202 shares of the technology company's stock worth $57,136,000 after purchasing an additional 280,923 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of MakeMyTrip by 442.5% during the first quarter. Hsbc Holdings PLC now owns 298,384 shares of the technology company's stock worth $11,127,000 after purchasing an additional 243,384 shares during the last quarter. Institutional investors and hedge funds own 51.89% of the company's stock.

Analysts Set New Price Targets

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

About MakeMyTrip

MakeMyTrip Limited is an online travel company serving consumers in India and international travelers booking trips to and from the country. Founded in 2000 by Deep Kalra, the company operates through a portfolio of travel brands, including MakeMyTrip, Goibibo and redBus.

The company provides online and mobile booking services for domestic and international flights, hotels and other accommodations, holiday packages, trains, buses, car rentals and airport transfers. Through redBus, it also offers bus ticketing services across India and selected international markets.

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