MakeMyTrip (NASDAQ:MMYT) Shares Up 8.9% – Here’s What Happened

Shares of MakeMyTrip Limited (NASDAQ:MMYT) rose 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 changed 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.

Analyst Ratings Changes

A number of brokerages have weighed in on MMYT. The Goldman Sachs Group reiterated a “buy” rating on shares of MakeMyTrip in a report on Thursday, May 7th. Citigroup reissued a “buy” rating on shares of MakeMyTrip in a research note on Tuesday, May 19th. Wall Street Zen upgraded MakeMyTrip from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Zacks Research cut MakeMyTrip from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. Four 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’s stock. According to data from MarketBeat.com, MakeMyTrip has a consensus rating of “Moderate Buy” and a consensus price target of $96.50.

MakeMyTrip Stock Up 10.6%

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 stock has a 50 day simple moving average of $45.39 and a 200 day simple moving average of $56.06. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of 207.63 and a beta of 1.01.

Hedge Funds Weigh In On MakeMyTrip

A number of large investors have recently modified their holdings of MMYT. Leonteq Securities AG acquired a new stake in MakeMyTrip in the 4th quarter valued at $29,000. EverSource Wealth Advisors LLC raised its holdings in MakeMyTrip by 74.3% during the first quarter. EverSource Wealth Advisors LLC now owns 990 shares of the technology company’s stock worth $37,000 after buying an additional 422 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of MakeMyTrip by 244.8% in the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after buying an additional 284 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of MakeMyTrip in the fourth quarter valued at $46,000. Finally, Stone House Investment Management LLC lifted its stake in shares of MakeMyTrip by 50.0% in the fourth quarter. Stone House Investment Management LLC now owns 600 shares of the technology company’s stock valued at $49,000 after buying an additional 200 shares in the last quarter. 51.89% of the stock is currently owned by institutional investors.

About MakeMyTrip

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.