MakeMyTrip (NASDAQ:MMYT) Trading 8.9% Higher – Here’s Why

MakeMyTrip Limited (NASDAQ:MMYT)’s stock price traded up 8.9% during mid-day trading on Wednesday . The stock traded as high as $50.17 and last traded at $50.7150. Approximately 397,793 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 1,543,476 shares. The stock had previously closed at $46.57.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Zacks Research cut shares of MakeMyTrip from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 19th. Citigroup restated a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. The Goldman Sachs Group restated a “buy” rating on shares of MakeMyTrip in a research report on Thursday, May 7th. Finally, Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, MakeMyTrip has an average rating of “Moderate Buy” and an average price target of $96.50.

MakeMyTrip Trading Up 0.9%

The company has a current ratio of 3.05, a quick ratio of 3.05 and a debt-to-equity ratio of 38.85. The firm has a market cap of $5.80 billion, a PE ratio of 208.52 and a beta of 1.01. The company’s 50-day moving average is $45.71 and its 200 day moving average is $55.74.

Hedge Funds Weigh In On MakeMyTrip

A number of hedge funds have recently added to or reduced their stakes in MMYT. Allspring Global Investments Holdings LLC increased its stake in shares of MakeMyTrip by 140.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 952,418 shares of the technology company’s stock valued at $77,994,000 after buying an additional 555,620 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of MakeMyTrip by 112.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,563,877 shares of the technology company’s stock valued at $128,426,000 after acquiring an additional 826,143 shares during the last quarter. Hudson Bay Capital Management LP lifted its holdings in shares of MakeMyTrip by 107.7% during the third quarter. Hudson Bay Capital Management LP now owns 80,999 shares of the technology company’s stock worth $7,582,000 after purchasing an additional 41,999 shares during the period. Capital World Investors grew its stake in shares of MakeMyTrip by 5.4% in the third quarter. Capital World Investors now owns 1,306,699 shares of the technology company’s stock worth $122,307,000 after purchasing an additional 67,109 shares during the last quarter. Finally, Aberdeen Group plc grew its stake in shares of MakeMyTrip by 21.0% in the fourth quarter. Aberdeen Group plc now owns 260,177 shares of the technology company’s stock worth $21,366,000 after purchasing an additional 45,100 shares during the last quarter. Institutional investors and hedge funds own 51.89% of the company’s stock.

MakeMyTrip Company Profile

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.