MakeMyTrip (NASDAQ:MMYT) Trading Down 6.9% - Should You Sell?

Key Points

• MakeMyTrip shares fell 6.9% in Wednesday trading, dipping to an intraday low of $52.86 before closing near $52.57, with volume well below its average session level.
• Analyst sentiment remains mostly positive despite the pullback, with several firms issuing or reaffirming buy ratings and an average price target of $86.75; however, one firm recently downgraded the stock to sell.
• The company remains heavily backed by institutions, with 51.89% of shares owned by hedge funds and other investors, while MakeMyTrip continues to operate as a major Indian online travel platform.

Shares of MakeMyTrip Limited (NASDAQ:MMYT - Get Free Report) dropped 6.9% during trading on Wednesday . The stock traded as low as $52.86 and last traded at $52.5660. 472,704 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 1,495,983 shares. The stock had previously closed at $56.49.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group set a $84.00 price objective on MakeMyTrip in a research report on Saturday, June 27th. HSBC started coverage on MakeMyTrip in a research report on Thursday, July 2nd. They issued a "buy" rating and a $70.00 target price on the stock. Zacks Research raised MakeMyTrip from a "strong sell" rating to a "strong-buy" rating in a research note on Monday. Citigroup reaffirmed a "buy" rating on shares of MakeMyTrip in a report on Tuesday, May 19th. Finally, Wall Street Zen downgraded MakeMyTrip from a "hold" rating to a "sell" rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $86.75.

MakeMyTrip Stock Performance

The business's fifty day moving average price is $48.83 and its two-hundred day moving average price is $52.48. The stock has a market capitalization of $5.83 billion, a P/E ratio of 209.54 and a beta of 0.98.

Institutional Investors Weigh In On MakeMyTrip

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its stake in shares of MakeMyTrip by 780.3% in the 4th quarter. Royal Bank of Canada now owns 2,274,679 shares of the technology company's stock valued at $186,797,000 after purchasing an additional 2,016,281 shares during the last quarter. Capital Research Global Investors purchased a new stake in MakeMyTrip during the 4th quarter valued at $150,069,000. Temasek Holdings Private Ltd bought a new stake in MakeMyTrip in the first quarter worth $63,447,000. Norges Bank bought a new stake in MakeMyTrip in the fourth quarter worth $90,284,000. Finally, Wasatch Advisors LP boosted its stake in MakeMyTrip by 64.2% during the first quarter. Wasatch Advisors LP now owns 2,339,741 shares of the technology company's stock worth $87,249,000 after buying an additional 914,402 shares during the period. 51.89% of the stock is currently owned by hedge funds and other institutional investors.

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.

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