MakeMyTrip Limited (NASDAQ:MMYT) Receives Consensus Rating of "Buy" from Analysts

Key Points

• MakeMyTrip has a consensus “Buy” rating among seven analysts: five rate it a buy, one a strong buy, and one a hold. The average 12-month price target is $86.75, compared with the stock’s reported opening price of $60.31.
• Recent analyst actions were mixed, including bullish ratings from Citigroup, Zacks Research and HSBC, while Wall Street Zen downgraded the stock to “sell.” HSBC initiated coverage with a $70 price target, and Goldman Sachs set an $84 target.
• Institutional ownership stands at 51.89%, with several funds increasing or initiating positions. MakeMyTrip shares have traded between $32.67 and $104.43 over the past year, with 50-day and 200-day moving averages of $53.01 and $50.22, respectively.

Shares of MakeMyTrip Limited (NASDAQ:MMYT - Get Free Report) have been given an average rating of "Buy" by the seven analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $86.75.

MMYT has been the topic of a number of research reports. The Goldman Sachs Group set a $84.00 target price on shares of MakeMyTrip in a report on Saturday, June 27th. Wall Street Zen lowered MakeMyTrip from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. Citigroup reaffirmed a "buy" rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Zacks Research upgraded shares of MakeMyTrip from a "strong sell" rating to a "strong-buy" rating in a research note on Monday, July 20th. Finally, HSBC started coverage on shares of MakeMyTrip in a report on Thursday, July 2nd. They set a "buy" rating and a $70.00 price target for the company.

Hedge Funds Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently modified their holdings of the company. Flossbach Von Storch SE purchased a new position in MakeMyTrip in the second quarter valued at $2,664,000. Wasatch Advisors LP lifted its holdings in MakeMyTrip by 5.7% during the 2nd quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company's stock worth $131,811,000 after buying an additional 133,723 shares during the last quarter. Confluence Investment Management LLC purchased a new stake in MakeMyTrip during the 2nd quarter worth about $249,000. Carmignac Gestion boosted its position in shares of MakeMyTrip by 38.4% during the 1st quarter. Carmignac Gestion now owns 30,428 shares of the technology company's stock worth $1,135,000 after acquiring an additional 8,435 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of MakeMyTrip by 23.8% during the 1st quarter. Janus Henderson Group PLC now owns 117,787 shares of the technology company's stock worth $4,396,000 after acquiring an additional 22,622 shares in the last quarter. Institutional investors and hedge funds own 51.89% of the company's stock.

MakeMyTrip Stock Performance

Shares of MMYT opened at $60.31 on Thursday. The stock has a market capitalization of $5.67 billion, a PE ratio of 502.58 and a beta of 0.98. MakeMyTrip has a 1 year low of $32.67 and a 1 year high of $104.43. The company's 50-day simple moving average is $53.01 and its 200-day simple moving average is $50.22.

About MakeMyTrip

MakeMyTrip Inc is an online travel company that provides a comprehensive suite of travel products and services through its website and mobile app platform. The company's offerings include air ticketing, hotel reservations, holiday packages, rail and bus ticket bookings, ancillary travel services such as travel insurance and visa assistance, and corporate travel management solutions. By leveraging technology-driven platforms, MakeMyTrip aims to deliver convenience, competitive pricing, and a seamless booking experience for both retail and business customers.

Founded in June 2000 by Deep Kalra, MakeMyTrip has grown to become one of India's leading travel technology firms.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source