MakeMyTrip Limited (MMYT) Downgraded by Zacks Investment Research to Hold

MakeMyTrip Limited (NASDAQ:MMYT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, November 7th.

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 equities research analysts also recently issued reports on the company. UBS AG downgraded MakeMyTrip Limited from a “buy” rating to a “sell” rating and set a $30.00 price objective for the company. in a research note on Wednesday, September 20th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $31.50 target price on shares of MakeMyTrip Limited in a report on Friday, October 13th. ValuEngine lowered MakeMyTrip Limited from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Finally, TheStreet upgraded MakeMyTrip Limited from a “d” rating to a “c-” rating in a research report on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. MakeMyTrip Limited currently has a consensus rating of “Hold” and an average price target of $30.10.

Shares of MakeMyTrip Limited (NASDAQ:MMYT) traded down $0.32 on Tuesday, reaching $27.35. The company had a trading volume of 325,400 shares, compared to its average volume of 513,555. MakeMyTrip Limited has a 52-week low of $22.05 and a 52-week high of $40.90.

MakeMyTrip Limited (NASDAQ:MMYT) last announced its earnings results on Wednesday, November 1st. The technology company reported ($0.45) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.72) by $0.27. MakeMyTrip Limited had a negative return on equity of 12.74% and a negative net margin of 31.73%. The business had revenue of $139.20 million during the quarter, compared to analysts’ expectations of $110.72 million. During the same quarter last year, the business posted ($0.61) earnings per share. The company’s quarterly revenue was up 161.7% on a year-over-year basis. analysts anticipate that MakeMyTrip Limited will post -2.22 earnings per share for the current year.

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Several institutional investors have recently made changes to their positions in MMYT. Geode Capital Management LLC grew its stake in shares of MakeMyTrip Limited by 43.5% during the first quarter. Geode Capital Management LLC now owns 28,140 shares of the technology company’s stock worth $973,000 after purchasing an additional 8,532 shares during the period. Morgan Stanley grew its stake in MakeMyTrip Limited by 15.1% in the first quarter. Morgan Stanley now owns 531,560 shares of the technology company’s stock valued at $18,392,000 after acquiring an additional 69,822 shares during the period. Renaissance Technologies LLC grew its stake in MakeMyTrip Limited by 98.2% in the first quarter. Renaissance Technologies LLC now owns 190,567 shares of the technology company’s stock valued at $6,594,000 after acquiring an additional 94,400 shares during the period. KCG Holdings Inc. acquired a new position in MakeMyTrip Limited in the first quarter valued at about $280,000. Finally, Bank of America Corp DE grew its stake in MakeMyTrip Limited by 9.7% in the first quarter. Bank of America Corp DE now owns 101,628 shares of the technology company’s stock valued at $3,516,000 after acquiring an additional 8,960 shares during the period. 45.04% of the stock is owned by institutional investors and hedge funds.

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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