MakeMyTrip (MMYT) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of MakeMyTrip (NASDAQ:MMYT) from a hold rating to a buy rating in a research report released on Wednesday morning. They currently have $27.00 target price on the technology company’s stock.

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. “

Several other brokerages also recently weighed in on MMYT. BidaskClub downgraded MakeMyTrip from a strong-buy rating to a buy rating in a research report on Wednesday, June 20th. Bank of America lowered their price objective on MakeMyTrip from $40.00 to $39.50 and set a buy rating for the company in a research report on Monday, July 9th. ValuEngine downgraded MakeMyTrip from a buy rating to a hold rating in a research report on Thursday, September 6th. Jefferies Financial Group upgraded MakeMyTrip from a hold rating to a buy rating and set a $19.80 price objective for the company in a research report on Wednesday, August 15th. Finally, TheStreet downgraded MakeMyTrip from a c- rating to a d+ rating in a report on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $32.76.

MMYT stock traded down $0.08 during midday trading on Wednesday, hitting $25.39. The company had a trading volume of 9,030 shares, compared to its average volume of 354,824. MakeMyTrip has a 52 week low of $21.82 and a 52 week high of $41.70. The company has a market capitalization of $2.80 billion, a P/E ratio of -11.61 and a beta of -0.16.

MakeMyTrip (NASDAQ:MMYT) last announced its quarterly earnings data on Tuesday, August 14th. The technology company reported ($0.50) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.20). MakeMyTrip had a negative net margin of 32.44% and a negative return on equity of 11.37%. The company had revenue of $170.09 million during the quarter, compared to the consensus estimate of $164.50 million. During the same quarter in the previous year, the firm posted ($0.53) EPS. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. On average, equities analysts forecast that MakeMyTrip will post -1.45 EPS for the current year.

Several institutional investors have recently made changes to their positions in MMYT. Barclays PLC raised its holdings in shares of MakeMyTrip by 824.4% during the first quarter. Barclays PLC now owns 2,921 shares of the technology company’s stock valued at $101,000 after acquiring an additional 2,605 shares in the last quarter. Citigroup Inc. raised its holdings in shares of MakeMyTrip by 123.6% during the first quarter. Citigroup Inc. now owns 3,454 shares of the technology company’s stock valued at $120,000 after acquiring an additional 1,909 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in shares of MakeMyTrip during the second quarter valued at approximately $200,000. Fox Run Management L.L.C. bought a new position in shares of MakeMyTrip during the third quarter valued at approximately $235,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of MakeMyTrip during the first quarter valued at approximately $241,000. Institutional investors own 43.00% of the company’s stock.

About MakeMyTrip

MakeMyTrip Limited, an online travel company, engages in the business of selling travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, China, Colombia, and Peru. It operates through two segments, Air Ticketing, and Hotels and Packages. The company's services and products include air tickets, hotels, packages, rail tickets, bus tickets, and car hire, as well as ancillary travel requirements, such as facilitating access to travel insurance and visa processing.

Featured Article: How accurate is the Rule of 72?

Get a free copy of the Zacks research report on MakeMyTrip (MMYT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for MakeMyTrip (NASDAQ:MMYT)

Receive News & Ratings for MakeMyTrip Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MakeMyTrip and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply