Bank of New York Mellon Corp Sells 97,424 Shares of MakeMyTrip Limited (NASDAQ:MMYT)

Bank of New York Mellon Corp cut its position in shares of MakeMyTrip Limited (NASDAQ:MMYT) by 29.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 231,749 shares of the technology company’s stock after selling 97,424 shares during the period. Bank of New York Mellon Corp owned 0.21% of MakeMyTrip worth $22,709,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MMYT. Allspring Global Investments Holdings LLC increased its holdings in shares of MakeMyTrip by 325.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,218 shares of the technology company’s stock valued at $2,202,000 after acquiring an additional 17,000 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of MakeMyTrip during the fourth quarter worth approximately $2,183,000. Squarepoint Ops LLC lifted its stake in MakeMyTrip by 103.1% in the fourth quarter. Squarepoint Ops LLC now owns 6,105 shares of the technology company’s stock valued at $685,000 after buying an additional 3,099 shares during the last quarter. Norges Bank bought a new stake in shares of MakeMyTrip during the fourth quarter valued at about $97,833,000. Finally, Prudential PLC increased its stake in MakeMyTrip by 70.8% in the 4th quarter. Prudential PLC now owns 10,787 shares of the technology company’s stock worth $1,211,000 after purchasing an additional 4,470 shares in the last quarter. 51.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wall Street Zen raised MakeMyTrip from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. Citigroup boosted their target price on MakeMyTrip from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Finally, Macquarie upgraded MakeMyTrip from a “neutral” rating to an “outperform” rating and set a $110.00 price objective for the company in a research report on Tuesday, June 24th.

MakeMyTrip Price Performance

Shares of NASDAQ MMYT opened at $95.47 on Friday. MakeMyTrip Limited has a fifty-two week low of $76.95 and a fifty-two week high of $123.00. The stock has a fifty day moving average of $98.45 and a 200-day moving average of $101.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.85 and a current ratio of 1.85. The stock has a market cap of $10.62 billion, a PE ratio of 115.03 and a beta of 0.85.

About MakeMyTrip

MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing.