MakeMyTrip (NASDAQ:MMYT) Shares Down 4% - Should You Sell?

Key Points

• MakeMyTrip shares fell about 4% to roughly $44.74 in low-volume trading, well below the stock’s 50-day moving average of $52.08.
• Analyst sentiment remains generally positive, with five Buy and two Hold ratings, a “Moderate Buy” consensus, and an average price target of $73.50. However, some firms recently downgraded the stock or lowered their targets.
• The company has a market capitalization of approximately $4.18 billion and a very high price-to-earnings ratio of 370.49; institutional investors and hedge funds own about 51.89% of its shares.

MakeMyTrip Limited (NASDAQ:MMYT - Get Free Report) shares were down 4% during trading on Monday. The company traded as low as $44.55 and last traded at $44.74. Approximately 156,031 shares changed hands during trading, a decline of 88% from the average daily volume of 1,292,355 shares. The stock had previously closed at $46.60.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MMYT. The Goldman Sachs Group set a $84.00 price objective on shares of MakeMyTrip in a research note on Saturday, June 27th. HSBC initiated coverage on shares of MakeMyTrip in a research note on Thursday, July 2nd. They set a "buy" rating and a $70.00 target price for the company. Wall Street Zen cut shares of MakeMyTrip from a "hold" rating to a "sell" rating in a report on Saturday, October 10th. Zacks Research cut shares of MakeMyTrip from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Finally, Bank of America dropped their price target on shares of MakeMyTrip from $71.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, September 28th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $73.50.

MakeMyTrip Trading Down 4.6%

The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 370.49 and a beta of 1.07. The company has a fifty day moving average price of $52.08 and a 200-day moving average price of $49.87.

Institutional Trading of MakeMyTrip

A number of institutional investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its stake in shares of MakeMyTrip by 416.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 677 shares of the technology company's stock valued at $56,000 after purchasing an additional 546 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in MakeMyTrip by 74.3% during the first quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company's stock worth $37,000 after buying an additional 422 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in MakeMyTrip by 26.6% during the third quarter. Farther Finance Advisors LLC now owns 2,007 shares of the technology company's stock valued at $95,000 after buying an additional 422 shares in the last quarter. Confluence Investment Management LLC acquired a new stake in shares of MakeMyTrip in the second quarter worth about $249,000. Finally, Inceptionr LLC boosted its stake in shares of MakeMyTrip by 101.3% during the 1st quarter. Inceptionr LLC now owns 10,058 shares of the technology company's stock worth $375,000 after acquiring an additional 5,061 shares in the last quarter. 51.89% of the stock is currently owned by institutional investors and hedge funds.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company that operates consumer travel platforms in India and other markets. Founded in 2000 by Deep Kalra, the company provides digital tools for researching, planning and booking travel through its websites and mobile applications.

Its services include airline and rail ticketing, hotel and accommodation reservations, holiday packages, bus tickets, car rentals and airport transfers. MakeMyTrip also offers travel-related services such as activities, travel insurance and other ancillary products, depending on the market and booking channel.

The company operates the MakeMyTrip and Goibibo brands, as well as the redBus intercity bus-ticketing platform.

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.