MakeMyTrip (NASDAQ:MMYT) Shares Down 4.6% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT)’s share price dropped 4.6% on Wednesday . The stock traded as low as $48.76 and last traded at $48.5610. Approximately 713,851 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,924,621 shares. The stock had previously closed at $50.91.

Wall Street Analysts Forecast Growth

MMYT has been the topic of a number of recent analyst reports. Citigroup decreased their price target on MakeMyTrip from $108.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, January 21st. Bank of America decreased their target price on MakeMyTrip from $115.00 to $113.00 and set a “buy” rating on the stock in a research note on Wednesday, December 24th. Weiss Ratings restated a “hold (c)” rating on shares of MakeMyTrip in a research note on Tuesday, January 27th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of MakeMyTrip in a report on Wednesday, December 31st. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $106.33.

MakeMyTrip Price Performance

The company has a market cap of $5.43 billion, a P/E ratio of 101.71, a PEG ratio of 1.92 and a beta of 0.64. The firm’s 50-day moving average is $67.34 and its two-hundred day moving average is $80.57. The company has a debt-to-equity ratio of 38.85, a current ratio of 1.85 and a quick ratio of 1.85.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings data on Wednesday, January 21st. The technology company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $295.70 million during the quarter, compared to analysts’ expectations of $306.29 million. MakeMyTrip had a net margin of 5.46% and a return on equity of 48.06%. Analysts anticipate that MakeMyTrip Limited will post 1.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MMYT. Schroder Investment Management Group boosted its stake in shares of MakeMyTrip by 13.8% during the 4th quarter. Schroder Investment Management Group now owns 7,186,704 shares of the technology company’s stock worth $590,172,000 after purchasing an additional 869,728 shares during the period. Baillie Gifford & Co. lifted its stake in MakeMyTrip by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 5,155,036 shares of the technology company’s stock worth $423,332,000 after purchasing an additional 114,975 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of MakeMyTrip by 17.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,448,388 shares of the technology company’s stock valued at $201,064,000 after buying an additional 371,066 shares during the period. Artisan Partners Limited Partnership grew its stake in shares of MakeMyTrip by 1.8% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,322,204 shares of the technology company’s stock valued at $190,699,000 after buying an additional 40,712 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of MakeMyTrip by 780.3% during the fourth quarter. Royal Bank of Canada now owns 2,274,679 shares of the technology company’s stock valued at $186,797,000 after buying an additional 2,016,281 shares during the last quarter. 51.89% of the stock is owned by hedge funds and other institutional investors.

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.