Short Interest in MakeMyTrip Limited (NASDAQ:MMYT) Decreases By 21.1%

MakeMyTrip Limited (NASDAQ:MMYT) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 2,390,000 shares, a drop of 21.1% from the August 15th total of 3,030,000 shares. Based on an average daily volume of 662,200 shares, the days-to-cover ratio is presently 3.6 days.

Analysts Set New Price Targets

Several research analysts have weighed in on MMYT shares. Citigroup upped their price objective on shares of MakeMyTrip from $93.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. StockNews.com upgraded MakeMyTrip from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, Bank of America boosted their target price on MakeMyTrip from $100.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th.

MakeMyTrip Stock Up 1.5 %

MakeMyTrip stock opened at $102.79 on Monday. The company has a current ratio of 2.78, a quick ratio of 2.77 and a debt-to-equity ratio of 0.19. MakeMyTrip has a 1-year low of $36.81 and a 1-year high of $104.35. The firm’s fifty day simple moving average is $92.97 and its 200-day simple moving average is $80.12. The company has a market capitalization of $11.28 billion, a P/E ratio of 61.55, a P/E/G ratio of 5.33 and a beta of 1.28.

MakeMyTrip (NASDAQ:MMYT) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.23. The company had revenue of $254.52 million during the quarter, compared to the consensus estimate of $231.85 million. MakeMyTrip had a return on equity of 11.04% and a net margin of 26.11%. Sell-side analysts forecast that MakeMyTrip will post 1.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MakeMyTrip

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of MakeMyTrip by 163.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 535 shares of the technology company’s stock worth $35,000 after buying an additional 332 shares during the period. Fifth Third Bancorp acquired a new position in MakeMyTrip during the 2nd quarter worth $59,000. nVerses Capital LLC bought a new stake in MakeMyTrip during the second quarter valued at about $143,000. LRI Investments LLC acquired a new stake in shares of MakeMyTrip in the first quarter valued at about $149,000. Finally, Catalytic Wealth RIA LLC bought a new position in shares of MakeMyTrip in the fourth quarter worth about $207,000. Institutional investors and hedge funds own 51.89% of the company’s stock.

About MakeMyTrip

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.