MakeMyTrip (NASDAQ:MMYT) Shares Down 6.8% – Here’s What Happened

MakeMyTrip Limited (NASDAQ:MMYT)’s stock price dropped 6.8% during mid-day trading on Friday . The company traded as low as $37.81 and last traded at $37.2750. Approximately 276,666 shares traded hands during trading, a decline of 85% from the average daily volume of 1,823,217 shares. The stock had previously closed at $40.00.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MMYT. Morgan Stanley reaffirmed an “overweight” rating on shares of MakeMyTrip in a research report on Wednesday, December 31st. Citigroup dropped their price objective on shares of MakeMyTrip from $108.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, January 21st. Weiss Ratings reissued a “hold (c)” rating on shares of MakeMyTrip in a research note on Tuesday, January 27th. Finally, Bank of America reduced their target price on shares of MakeMyTrip from $115.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, December 24th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, MakeMyTrip currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.33.

MakeMyTrip Trading Down 9.3%

The firm has a fifty day moving average of $54.31 and a 200 day moving average of $73.69. The firm has a market capitalization of $4.04 billion, a PE ratio of 75.63, a P/E/G ratio of 1.25 and a beta of 0.64. The company has a debt-to-equity ratio of 38.85, a quick ratio of 1.85 and a current ratio of 1.85.

MakeMyTrip (NASDAQ:MMYT) last released its quarterly earnings results on Wednesday, January 21st. The technology company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The firm had revenue of $295.70 million during the quarter, compared to analysts’ expectations of $306.29 million. MakeMyTrip had a return on equity of 48.06% and a net margin of 5.46%. Equities research analysts expect that MakeMyTrip Limited will post 1.27 EPS for the current year.

Institutional Investors Weigh In On MakeMyTrip

A number of large investors have recently added to or reduced their stakes in the company. Leonteq Securities AG acquired a new position in shares of MakeMyTrip in the fourth quarter worth about $29,000. Parallel Advisors LLC boosted its stake in shares of MakeMyTrip by 244.8% during the 3rd quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock valued at $37,000 after buying an additional 284 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of MakeMyTrip during the fourth quarter worth approximately $46,000. Stone House Investment Management LLC grew its position in shares of MakeMyTrip by 50.0% during the fourth quarter. Stone House Investment Management LLC now owns 600 shares of the technology company’s stock worth $49,000 after buying an additional 200 shares in the last quarter. Finally, Rakuten Securities Inc. increased its stake in shares of MakeMyTrip by 893.9% in the fourth quarter. Rakuten Securities Inc. now owns 656 shares of the technology company’s stock worth $54,000 after buying an additional 590 shares during the last quarter. 51.89% of the stock is owned by institutional investors and hedge funds.

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.