MakeMyTrip Ltd. (MMYT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of MakeMyTrip Ltd. (NASDAQ:MMYT) from a hold rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $25.00 price target on the stock.

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 Inc. Through its primary website,, 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. “

A number of other research firms have also commented on MMYT. Nomura raised MakeMyTrip from a reduce rating to a neutral rating and reduced their price objective for the stock from $14.50 to $14.00 in a research note on Friday, June 3rd. Jefferies Group boosted their price objective on MakeMyTrip from $19.10 to $19.80 and gave the stock a buy rating in a research note on Friday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $18.34.

Shares of MakeMyTrip (NASDAQ:MMYT) opened at 23.60 on Wednesday. The firm has a 50-day moving average price of $20.47 and a 200-day moving average price of $17.92. MakeMyTrip has a 1-year low of $13.69 and a 1-year high of $23.80. The company’s market capitalization is $983.60 million.

MakeMyTrip (NASDAQ:MMYT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.64) by $0.09. MakeMyTrip had a negative net margin of 27.12% and a negative return on equity of 80.55%. The company earned $121.23 million during the quarter, compared to the consensus estimate of $93.66 million. During the same quarter last year, the company earned ($0.05) earnings per share. The business’s revenue was up 54.5% on a year-over-year basis. Equities analysts anticipate that MakeMyTrip will post ($2.41) earnings per share for the current year.

Institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its position in shares of MakeMyTrip by 219.9% in the first quarter. Goldman Sachs Group Inc. now owns 493,237 shares of the company’s stock valued at $8,923,000 after buying an additional 339,037 shares during the period. First Trust Advisors LP raised its position in shares of MakeMyTrip by 200.9% in the second quarter. First Trust Advisors LP now owns 223,544 shares of the company’s stock valued at $3,322,000 after buying an additional 149,240 shares during the period. Westpac Banking Corp raised its position in shares of MakeMyTrip by 43.0% in the second quarter. Westpac Banking Corp now owns 82,480 shares of the company’s stock valued at $1,226,000 after buying an additional 24,808 shares during the period. New Vernon Capital Holdings II LLC purchased a new position in shares of MakeMyTrip during the second quarter valued at about $668,000. Finally, Indus Capital Partners LLC raised its position in shares of MakeMyTrip by 37.2% in the second quarter. Indus Capital Partners LLC now owns 31,000 shares of the company’s stock valued at $461,000 after buying an additional 8,400 shares during the period. 76.68% of the stock is currently owned by institutional investors and hedge funds.

About MakeMyTrip

MakeMyTrip Limited is an online travel company in India. The Company conducts its business principally through its Indian subsidiary, MakeMyTrip (India) Private Limited (MMT India). Through its primary Website,, or, its subsidiaries’ websites, such as,,, and other technology-enhanced distribution channels in India, including its call centers, travel stores and travel agents’ network, travelers can research, plan and book a wide range of travel services and products in India, as well as overseas.

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