MakeMyTrip (NASDAQ:MMYT) Stock Price Down 5.4% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT) shares fell 5.4% on Tuesday . The company traded as low as $48.01 and last traded at $47.8390. 38,316 shares changed hands during trading, a decline of 97% from the average daily volume of 1,306,811 shares. The stock had previously closed at $50.55.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group set a $84.00 target price on MakeMyTrip in a research note on Saturday, June 27th. Citigroup restated a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. Wall Street Zen downgraded shares of MakeMyTrip from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Zacks Research downgraded shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, HSBC started coverage on shares of MakeMyTrip in a research note on Thursday, July 2nd. They issued a “buy” rating and a $70.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, MakeMyTrip has an average rating of “Moderate Buy” and an average target price of $86.75.

MakeMyTrip Stock Performance

The stock has a market capitalization of $4.53 billion, a PE ratio of 401.00 and a beta of 1.00. The business’s 50-day moving average price is $56.96 and its 200 day moving average price is $49.94.

Hedge Funds Weigh In On MakeMyTrip

A number of large investors have recently modified their holdings of MMYT. Royal Bank of Canada boosted its stake in shares of MakeMyTrip by 53.8% in the 1st quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company’s stock valued at $130,464,000 after purchasing an additional 1,223,963 shares in the last quarter. Wasatch Advisors LP lifted its stake in MakeMyTrip by 5.7% in the second quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company’s stock worth $131,811,000 after purchasing an additional 133,723 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of MakeMyTrip by 1.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,322,204 shares of the technology company’s stock worth $190,699,000 after buying an additional 40,712 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of MakeMyTrip by 11.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,935,142 shares of the technology company’s stock worth $158,914,000 after buying an additional 199,699 shares during the period. Finally, Capital Research Global Investors purchased a new stake in MakeMyTrip during the 4th quarter valued at about $150,069,000. 51.89% of the stock is owned by hedge funds and other institutional investors.

MakeMyTrip Company Profile

MakeMyTrip Limited is an online travel company serving consumers in India and enabling domestic and international travel bookings. Through its digital platforms and mobile applications, the company offers air tickets, hotel and accommodation reservations, holiday packages, bus tickets, rail tickets, and car-rental and travel-related services.

MakeMyTrip operates a portfolio of recognized travel brands, including MakeMyTrip, goibibo, and redBus. The platforms allow customers to compare and book travel products, while also providing travel suppliers with distribution and customer-acquisition services.