MakeMyTrip Limited (NASDAQ:MMYT) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “MakeMyTrip Limited is an online travel service company which offers travel products and solutions in India and the United States. The Company’s services and products include air tickets, customized holiday packages, hotel booking, railway tickets, bus tickets, car hire and facilitating access to travel insurance. MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited and MakeMyTrip.com Inc. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the Company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, a wide selection of hotels in and outside India, Indian Railways and several major Indian bus operators. MakeMyTrip Limited is based in Gurgaon, India. “

MMYT has been the subject of several other reports. BidaskClub upgraded shares of MakeMyTrip Limited from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. ValuEngine upgraded shares of MakeMyTrip Limited from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. MakeMyTrip Limited currently has a consensus rating of “Hold” and an average price target of $28.23.

Shares of MakeMyTrip Limited (NASDAQ:MMYT) traded up 0.16% during trading on Wednesday, reaching $32.20. The company had a trading volume of 340,172 shares. MakeMyTrip Limited has a 12 month low of $15.39 and a 12 month high of $40.90. The company’s market cap is $2.51 billion. The firm has a 50 day moving average price of $32.76 and a 200 day moving average price of $32.44.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. bought a new position in MakeMyTrip Limited during the first quarter valued at $80,600,000. JHL Capital Group LLC acquired a new position in shares of MakeMyTrip Limited during the first quarter valued at approximately $43,250,000. Manning & Napier Advisors LLC acquired a new position in shares of MakeMyTrip Limited during the first quarter valued at approximately $26,476,000. Horseman Capital Management Ltd acquired a new position in shares of MakeMyTrip Limited during the first quarter valued at approximately $22,715,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of MakeMyTrip Limited during the first quarter valued at approximately $15,958,000. 42.12% of the stock is currently owned by hedge funds and other institutional investors.

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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