MakeMyTrip Limited (NASDAQ:MMYT) Cut to Sell at Zacks Investment Research
MakeMyTrip Limited (NASDAQ:MMYT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
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 topic of a number of other reports. ValuEngine raised MakeMyTrip Limited from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. BidaskClub raised MakeMyTrip Limited from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. TheStreet raised MakeMyTrip Limited from a “d” rating to a “c-” rating in a research note on Tuesday, July 25th. Finally, Jefferies Group LLC lowered MakeMyTrip Limited from a “buy” rating to a “hold” rating and raised their price target for the stock from $19.80 to $32.00 in a research note on Thursday. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.30.
Shares of MakeMyTrip Limited (NASDAQ:MMYT) traded up 6.60% during midday trading on Friday, reaching $29.90. 715,871 shares of the company’s stock traded hands. MakeMyTrip Limited has a 52 week low of $17.71 and a 52 week high of $40.90. The company’s market capitalization is $2.91 billion. The stock’s 50 day moving average is $32.59 and its 200-day moving average is $33.87.
MakeMyTrip Limited (NASDAQ:MMYT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by $0.14. MakeMyTrip Limited had a negative net margin of 31.64% and a negative return on equity of 16.91%. The company had revenue of $141.21 million for the quarter, compared to analyst estimates of $110.67 million. During the same period in the previous year, the business earned ($0.73) EPS. The firm’s revenue was up 139.9% on a year-over-year basis. On average, analysts forecast that MakeMyTrip Limited will post ($1.89) earnings per share for the current fiscal year.
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A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in shares of MakeMyTrip Limited during the fourth quarter worth about $2,135,000. Soros Fund Management LLC raised 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 last quarter. Baillie Gifford & Co. acquired a new stake in shares of MakeMyTrip Limited during the first quarter worth about $80,600,000. New Vernon Capital Holdings II LLC acquired a new stake in shares of MakeMyTrip Limited during the first quarter worth about $2,113,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of MakeMyTrip Limited during the first quarter worth about $3,486,000. 41.03% 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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