Bank of America Has Lowered Expectations for MakeMyTrip (NASDAQ:MMYT) Stock Price

MakeMyTrip (NASDAQ:MMYT) had its price target lowered by equities research analysts at Bank of America from $115.00 to $113.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective indicates a potential upside of 33.46% from the stock’s previous close.

A number of other research firms have also issued reports on MMYT. Weiss Ratings began coverage on MakeMyTrip in a research note on Thursday, October 30th. They issued a “hold (c)” rating for the company. Wall Street Zen cut MakeMyTrip from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, MakeMyTrip presently has an average rating of “Moderate Buy” and an average target price of $114.33.

MakeMyTrip Price Performance

NASDAQ:MMYT opened at $84.67 on Wednesday. MakeMyTrip has a 12-month low of $69.69 and a 12-month high of $122.35. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of 132.30 and a beta of 0.70. The company’s 50-day moving average is $79.27 and its two-hundred day moving average is $90.54. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 38.85.

Institutional Investors Weigh In On MakeMyTrip

A number of hedge funds have recently added to or reduced their stakes in the stock. WPG Advisers LLC bought a new position in MakeMyTrip during the first quarter worth about $28,000. Twin Tree Management LP bought a new position in shares of MakeMyTrip during the first quarter worth $29,000. Parallel Advisors LLC increased its holdings in shares of MakeMyTrip by 244.8% in the third quarter. Parallel Advisors LLC now owns 400 shares of the technology company’s stock worth $37,000 after acquiring an additional 284 shares in the last quarter. First Horizon Advisors Inc. acquired a new position in shares of MakeMyTrip in the 2nd quarter valued at approximately $43,000. Finally, Farther Finance Advisors LLC acquired a new position in shares of MakeMyTrip in the second quarter valued at approximately $50,000. Institutional investors own 51.89% of the company’s stock.

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.