MakeMyTrip (NASDAQ:MMYT) Shares Down 6.2% - Here's Why

Key Points

• MakeMyTrip (MMYT) shares fell by 6.2% during mid-day trading, reaching a low of $93.81 and a last trading price of $93.01.
• Equities analysts have mixed views on the stock, with Citigroup lowering its price target from $125 to $120 while Macquarie raised its rating and set a target price of $110.
• Institutional investors have significantly increased their holdings in MakeMyTrip, with some firms like Mirae Asset Global Investments raising their stakes by over 9,700% in the first quarter.

Shares of MakeMyTrip Limited (NASDAQ:MMYT - Get Free Report) dropped 6.2% on Wednesday . The stock traded as low as $93.81 and last traded at $93.01. Approximately 1,279,999 shares traded hands during trading, an increase of 22% from the average daily volume of 1,052,750 shares. The stock had previously closed at $99.12.

Wall Street Analyst Weigh In

MMYT has been the subject of several analyst reports. Citigroup dropped their target price on MakeMyTrip from $125.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Macquarie upgraded MakeMyTrip from a "neutral" rating to an "outperform" rating and set a $110.00 target price for the company in a report on Tuesday, June 24th. Finally, Wall Street Zen upgraded MakeMyTrip from a "sell" rating to a "hold" rating in a report on Thursday, May 15th.

MakeMyTrip Trading Down 0.9%

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 firm has a fifty day simple moving average of $97.52 and a two-hundred day simple moving average of $100.46. The firm has a market cap of $10.32 billion, a PE ratio of 107.91 and a beta of 0.85.

Institutional Investors Weigh In On MakeMyTrip

Several institutional investors and hedge funds have recently bought and sold shares of MMYT. Arrowstreet Capital Limited Partnership purchased a new stake in MakeMyTrip in the 4th quarter worth approximately $939,000. Franklin Resources Inc. raised its position in shares of MakeMyTrip by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 1,503,980 shares of the technology company's stock worth $168,867,000 after acquiring an additional 13,157 shares in the last quarter. Headlands Technologies LLC raised its position in shares of MakeMyTrip by 59.0% in the 4th quarter. Headlands Technologies LLC now owns 2,489 shares of the technology company's stock worth $279,000 after acquiring an additional 924 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of MakeMyTrip by 0.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 618,852 shares of the technology company's stock worth $69,485,000 after acquiring an additional 3,730 shares in the last quarter. Finally, Atlas Capital Advisors Inc. raised its position in shares of MakeMyTrip by 172.2% in the 4th quarter. Atlas Capital Advisors Inc. now owns 2,496 shares of the technology company's stock worth $280,000 after acquiring an additional 1,579 shares in the last quarter. Hedge funds and other institutional investors own 51.89% of the company's stock.

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.