MakeMyTrip (NASDAQ:MMYT) Stock Price Up 9.4% – Here’s What Happened

Shares of MakeMyTrip Limited (NASDAQ:MMYT) shot up 9.4% on Wednesday . The company traded as high as $58.34 and last traded at $58.3250. Approximately 963,865 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 1,557,351 shares. The stock had previously closed at $53.29.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MMYT. The Goldman Sachs Group set a $84.00 price target on shares of MakeMyTrip in a research note on Saturday. Zacks Research cut MakeMyTrip from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Citigroup reaffirmed a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. Finally, Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.33.

MakeMyTrip Stock Performance

The company has a quick ratio of 3.05, a current ratio of 3.05 and a debt-to-equity ratio of 38.85. The business has a 50 day moving average price of $46.01 and a 200 day moving average price of $55.34. The stock has a market cap of $6.46 billion, a P/E ratio of 232.36 and a beta of 1.01.

Institutional Trading of MakeMyTrip

Hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of MakeMyTrip by 11.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,755 shares of the technology company’s stock valued at $1,642,000 after purchasing an additional 1,721 shares during the period. Daiwa Securities Group Inc. increased its stake in MakeMyTrip by 24.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,424 shares of the technology company’s stock worth $336,000 after buying an additional 679 shares during the period. Nebula Research & Development LLC lifted its holdings in MakeMyTrip by 9.2% during the 2nd quarter. Nebula Research & Development LLC now owns 15,890 shares of the technology company’s stock valued at $1,558,000 after buying an additional 1,345 shares in the last quarter. Sei Investments Co. lifted its holdings in MakeMyTrip by 14.9% during the 2nd quarter. Sei Investments Co. now owns 520,853 shares of the technology company’s stock valued at $51,054,000 after buying an additional 67,367 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in MakeMyTrip by 108.5% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 201,101 shares of the technology company’s stock valued at $19,712,000 after buying an additional 104,641 shares during the period. Hedge funds and other institutional investors 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.