MakeMyTrip Limited (NASDAQ:MMYT) Stock Price Down 12.5% on Disappointing Earnings
MakeMyTrip Limited (NASDAQ:MMYT)’s share price was down 12.5% on Thursday following a dissappointing earnings announcement. The company traded as low as $27.35 and last traded at $28.05, with a volume of 1,542,851 shares trading hands. The stock had previously closed at $32.05.
The technology company reported ($0.61) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.47) by $0.14. The company had revenue of $141.21 million for the quarter, compared to analyst estimates of $110.67 million. MakeMyTrip Limited had a negative return on equity of 22.22% and a negative net margin of 24.61%. The business’s revenue was up 139.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.73) earnings per share.
MMYT has been the subject of a number of recent research reports. ValuEngine upgraded shares of MakeMyTrip Limited from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub cut shares of MakeMyTrip Limited from a “hold” rating to a “sell” rating in a research report on Saturday, June 10th. Zacks Investment Research cut shares of MakeMyTrip Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. TheStreet upgraded shares of MakeMyTrip Limited from a “d” rating to a “c-” rating in a research report on Tuesday, July 25th. Finally, Jefferies Group LLC cut shares of MakeMyTrip Limited from a “buy” rating to a “hold” rating and increased their target price for the company from $19.80 to $32.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $32.30.
Several large investors have recently modified their holdings of MMYT. Baillie Gifford & Co. boosted its stake in shares of MakeMyTrip Limited by 2.1% in the second quarter. Baillie Gifford & Co. now owns 2,378,968 shares of the technology company’s stock worth $79,814,000 after buying an additional 49,479 shares during the period. Janus Capital Management LLC boosted its stake in shares of MakeMyTrip Limited by 2.1% in the first quarter. Janus Capital Management LLC now owns 2,209,098 shares of the technology company’s stock worth $76,435,000 after buying an additional 44,839 shares during the period. Franklin Resources Inc. boosted its stake in shares of MakeMyTrip Limited by 110.7% in the second quarter. Franklin Resources Inc. now owns 1,930,468 shares of the technology company’s stock worth $64,753,000 after buying an additional 1,014,468 shares during the period. JHL Capital Group LLC acquired a new stake in shares of MakeMyTrip Limited during the first quarter worth approximately $43,250,000. Finally, Soros Fund Management LLC boosted its stake in shares of MakeMyTrip Limited by 12.6% in the first quarter. Soros Fund Management LLC now owns 769,358 shares of the technology company’s stock worth $26,620,000 after buying an additional 85,900 shares during the period. Institutional investors and hedge funds own 41.03% of the company’s stock.
The company’s 50 day moving average price is $32.76 and its 200 day moving average price is $33.92. The firm’s market capitalization is $2.83 billion.
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About MakeMyTrip Limited
MakeMyTrip Limited is an online travel company in India. The Company’s services and products include air ticketing, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements, such as facilitating access to third-party travel insurance and visa processing. Its segments include Air ticketing, which provides the facility to book international and domestic air tickets through an Internet-based platform; Hotels and packages, which provides holiday packages and hotel reservations through an Internet-based platform, call-centers and branch offices, and Others, which include advertisement income from hosting advertisements on its Internet Web-sites, income from sale of rail and bus tickets and income from facilitating Website access to a travel insurance company.
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