MakeMyTrip (NASDAQ:MMYT) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Wall Street Zen upgraded MakeMyTrip from “sell” to “hold,” while broader analyst sentiment remains “Buy,” with an average price target of $86.75.
• MakeMyTrip shares opened at $60.42 and were down 0.5%; the stock has a market capitalization of $5.68 billion and trades at a high PE ratio of 503.50.
• Hedge funds and institutional investors own 51.89% of the company, with several firms recently increasing their positions.

MakeMyTrip (NASDAQ:MMYT - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

Other research analysts have also issued reports about the company. The Goldman Sachs Group set a $84.00 price objective on MakeMyTrip in a research report on Saturday, June 27th. Zacks Research raised MakeMyTrip from a "strong sell" rating to a "strong-buy" rating in a research report on Monday, July 20th. HSBC started coverage on MakeMyTrip in a research note on Thursday, July 2nd. They issued a "buy" rating and a $70.00 target price for the company. Finally, Citigroup reiterated a "buy" rating on shares of MakeMyTrip in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $86.75.

MakeMyTrip Trading Down 0.5%

Shares of MMYT stock opened at $60.42 on Friday. The company has a market cap of $5.68 billion, a PE ratio of 503.50 and a beta of 0.98. The company's fifty day simple moving average is $53.64 and its 200-day simple moving average is $50.28. MakeMyTrip has a 52 week low of $32.67 and a 52 week high of $104.43.

Hedge Funds Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GeoWealth Management LLC increased its position in shares of MakeMyTrip by 4.6% during the third quarter. GeoWealth Management LLC now owns 3,861 shares of the technology company's stock worth $361,000 after acquiring an additional 169 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of MakeMyTrip by 10.2% in the second quarter. Osaic Holdings Inc. now owns 2,028 shares of the technology company's stock worth $199,000 after acquiring an additional 188 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in MakeMyTrip by 33.9% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,097 shares of the technology company's stock valued at $90,000 after purchasing an additional 278 shares during the last quarter. Parallel Advisors LLC boosted its holdings in MakeMyTrip by 244.8% in the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company's stock valued at $37,000 after purchasing an additional 284 shares during the last quarter. Finally, FACT Capital LP boosted its holdings in MakeMyTrip by 0.4% in the fourth quarter. FACT Capital LP now owns 69,641 shares of the technology company's stock valued at $5,719,000 after purchasing an additional 292 shares during the last quarter. 51.89% of the stock is 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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