Bank of America Forecasts Strong Price Appreciation for MakeMyTrip (NASDAQ:MMYT) Stock

MakeMyTrip (NASDAQ:MMYT) had its price target raised by Bank of America from $119.00 to $130.00 in a report published on Friday, MarketBeat.com reports. They currently have a buy rating on the technology company’s stock.

Separately, StockNews.com downgraded MakeMyTrip from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th.

MakeMyTrip Stock Down 1.4 %

Shares of NASDAQ:MMYT opened at $114.53 on Friday. The firm has a market cap of $12.57 billion, a P/E ratio of 62.58, a P/E/G ratio of 6.59 and a beta of 1.27. MakeMyTrip has a 12-month low of $43.31 and a 12-month high of $123.00. The business has a fifty day simple moving average of $109.60 and a 200 day simple moving average of $98.99. The company has a quick ratio of 2.81, a current ratio of 2.82 and a debt-to-equity ratio of 0.19.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.10. MakeMyTrip had a net margin of 26.64% and a return on equity of 11.54%. The firm had revenue of $210.99 million for the quarter, compared to the consensus estimate of $214.90 million. During the same quarter in the previous year, the company earned $0.18 EPS. Analysts predict that MakeMyTrip will post 1.29 earnings per share for the current year.

Institutional Investors Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently made changes to their positions in MMYT. Park Place Capital Corp purchased a new stake in shares of MakeMyTrip in the third quarter worth approximately $25,000. Advisors Asset Management Inc. grew its stake in shares of MakeMyTrip by 100.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 448 shares of the technology company’s stock worth $42,000 after acquiring an additional 225 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of MakeMyTrip by 44.1% in the second quarter. EverSource Wealth Advisors LLC now owns 771 shares of the technology company’s stock valued at $65,000 after purchasing an additional 236 shares during the last quarter. nVerses Capital LLC bought a new position in shares of MakeMyTrip during the second quarter valued at about $143,000. Finally, D Orazio & Associates Inc. purchased a new position in MakeMyTrip during the third quarter worth about $210,000. Institutional investors and hedge funds own 51.89% of the company’s stock.

MakeMyTrip Company Profile

MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing.