Bank of America Raises MakeMyTrip (NASDAQ:MMYT) Price Target to $119.00

MakeMyTrip (NASDAQ:MMYT) had its price target upped by investment analysts at Bank of America from $112.00 to $119.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective indicates a potential upside of 15.10% from the company’s current price.

A number of other analysts have also recently commented on the stock. StockNews.com upgraded shares of MakeMyTrip from a “sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Citigroup lifted their price target on shares of MakeMyTrip from $93.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, July 24th.

MakeMyTrip Stock Up 4.3 %

Shares of MMYT stock traded up $4.24 on Thursday, hitting $103.39. The company’s stock had a trading volume of 337,574 shares, compared to its average volume of 738,499. The firm’s fifty day moving average price is $98.93 and its 200-day moving average price is $86.80. MakeMyTrip has a fifty-two week low of $36.81 and a fifty-two week high of $110.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.78 and a quick ratio of 2.77. The stock has a market capitalization of $11.35 billion, a price-to-earnings ratio of 62.02, a P/E/G ratio of 5.65 and a beta of 1.28.

MakeMyTrip (NASDAQ:MMYT) last announced its earnings results on Tuesday, July 23rd. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.23. MakeMyTrip had a net margin of 26.11% and a return on equity of 11.04%. The company had revenue of $254.52 million for the quarter, compared to analyst estimates of $231.85 million. Research analysts anticipate that MakeMyTrip will post 1.27 EPS for the current year.

Institutional Investors Weigh In On MakeMyTrip

A number of institutional investors and hedge funds have recently modified their holdings of MMYT. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of MakeMyTrip by 44.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 255,062 shares of the technology company’s stock valued at $23,708,000 after purchasing an additional 78,745 shares during the period. U S Global Investors Inc. grew its stake in shares of MakeMyTrip by 7.2% during the 3rd quarter. U S Global Investors Inc. now owns 105,335 shares of the technology company’s stock valued at $9,791,000 after acquiring an additional 7,114 shares during the period. Carrhae Capital LLP boosted its stake in MakeMyTrip by 20.8% in the 3rd quarter. Carrhae Capital LLP now owns 354,959 shares of the technology company’s stock worth $32,993,000 after purchasing an additional 61,138 shares during the period. Blue Trust Inc. raised its holdings in MakeMyTrip by 48.4% during the 3rd quarter. Blue Trust Inc. now owns 14,402 shares of the technology company’s stock valued at $1,339,000 after buying an additional 4,700 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in MakeMyTrip in the third quarter worth $338,000. 51.89% of the stock is owned by hedge funds and other institutional investors.

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.