Insider Selling: MakeMyTrip (NASDAQ:MMYT) CEO Sells 20,000 Shares of Company Stock

MakeMyTrip Limited (NASDAQ:MMYT) CEO Rajesh Magow sold 20,000 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the sale, the chief executive officer directly owned 20,000 shares of the company’s stock, valued at approximately $905,000. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Rajesh Magow also recently made the following trade(s):

• On Wednesday, November 4th, Rajesh Magow sold 10,000 shares of MakeMyTrip stock. The shares were sold at an average price of $50.11, for a total transaction of $501,100.00.

MakeMyTrip Trading Down 4.5%

NASDAQ MMYT traded down $2.29 during mid-day trading on Thursday, reaching $48.46. 1,065,385 shares of the company’s stock traded hands, compared to its average volume of 1,271,239. MakeMyTrip Limited has a 1-year low of $32.67 and a 1-year high of $86.94. The company has a fifty day simple moving average of $47.94 and a 200-day simple moving average of $50.54. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 241.71 and a beta of 1.04.

MakeMyTrip (NASDAQ:MMYT) last released its quarterly earnings data on Monday, October 26th. The technology company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.43. MakeMyTrip had a net margin of 3.91% and a negative return on equity of 312.82%. The firm had revenue of $235.16 million for the quarter, compared to analyst estimates of $269.09 million. Equities research analysts forecast that MakeMyTrip Limited will post 1.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on MMYT. Bank of America dropped their price target on MakeMyTrip from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Weiss Ratings raised shares of MakeMyTrip from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 26th. Wall Street Zen upgraded shares of MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Saturday, October 24th. Finally, Zacks Research downgraded shares of MakeMyTrip from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $72.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Wasatch Advisors LP boosted its position in MakeMyTrip by 5.7% in the 2nd quarter. Wasatch Advisors LP now owns 2,473,464 shares of the technology company’s stock valued at $131,811,000 after buying an additional 133,723 shares during the last quarter. Royal Bank of Canada raised its holdings in MakeMyTrip by 53.8% during the 1st quarter. Royal Bank of Canada now owns 3,498,642 shares of the technology company’s stock worth $130,464,000 after purchasing an additional 1,223,963 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in MakeMyTrip by 4.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,441,643 shares of the technology company’s stock valued at $68,838,000 after buying an additional 59,222 shares during the period. Temasek Holdings Private Ltd acquired a new position in shares of MakeMyTrip in the 1st quarter valued at $63,447,000. Finally, Coronation Fund Managers Ltd. lifted its stake in MakeMyTrip by 22.5% in the first quarter. Coronation Fund Managers Ltd. now owns 1,532,202 shares of the technology company’s stock valued at $57,136,000 after buying an additional 280,923 shares during the period. 51.89% of the stock is owned by institutional investors and hedge funds.

About MakeMyTrip

MakeMyTrip Limited is an online travel company serving consumers in India and international travelers booking trips to and from the country. Founded in 2000 by Deep Kalra, the company operates through a portfolio of travel brands, including MakeMyTrip, Goibibo and redBus.

The company provides online and mobile booking services for domestic and international flights, hotels and other accommodations, holiday packages, trains, buses, car rentals and airport transfers. Through redBus, it also offers bus ticketing services across India and selected international markets.