MakeMyTrip Limited (NASDAQ:MMYT) Sees Significant Drop in Short Interest

MakeMyTrip Limited (NASDAQ:MMYTGet Rating) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 1,830,000 shares, a decline of 17.9% from the August 15th total of 2,230,000 shares. Approximately 3.1% of the shares of the stock are short sold. Based on an average daily volume of 369,500 shares, the days-to-cover ratio is presently 5.0 days.

Institutional Investors Weigh In On MakeMyTrip

Several institutional investors and hedge funds have recently added to or reduced their stakes in MMYT. TD Asset Management Inc. acquired a new stake in MakeMyTrip during the fourth quarter worth about $623,000. Qube Research & Technologies Ltd increased its stake in MakeMyTrip by 57.3% during the fourth quarter. Qube Research & Technologies Ltd now owns 12,681 shares of the technology company’s stock worth $351,000 after acquiring an additional 4,621 shares during the last quarter. Allianz Asset Management GmbH increased its stake in MakeMyTrip by 56.9% during the fourth quarter. Allianz Asset Management GmbH now owns 188,623 shares of the technology company’s stock worth $5,226,000 after acquiring an additional 68,431 shares during the last quarter. Alliancebernstein L.P. increased its stake in MakeMyTrip by 29.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,725,480 shares of the technology company’s stock worth $47,813,000 after acquiring an additional 391,895 shares during the last quarter. Finally, Dalton Investments LLC increased its stake in MakeMyTrip by 10.9% during the fourth quarter. Dalton Investments LLC now owns 788,686 shares of the technology company’s stock worth $21,854,000 after acquiring an additional 77,686 shares during the last quarter. 39.99% of the stock is currently owned by institutional investors and hedge funds.

MakeMyTrip Stock Performance

MakeMyTrip stock opened at $32.27 on Monday. The firm has a market capitalization of $3.40 billion, a P/E ratio of -115.25 and a beta of 1.27. The stock has a fifty day moving average price of $31.40 and a 200 day moving average price of $27.62. MakeMyTrip has a 52 week low of $20.06 and a 52 week high of $36.28. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 0.24.

Analyst Upgrades and Downgrades

MMYT has been the topic of a number of research analyst reports. Citigroup boosted their target price on MakeMyTrip from $42.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 26th. JPMorgan Chase & Co. began coverage on MakeMyTrip in a research report on Wednesday, September 14th. They issued an “overweight” rating and a $44.00 price objective on the stock. Macquarie began coverage on MakeMyTrip in a research report on Tuesday, August 30th. They issued an “outperform” rating and a $42.00 price objective on the stock. StockNews.com upgraded MakeMyTrip from a “sell” rating to a “hold” rating in a research report on Friday, July 29th. Finally, UBS Group upgraded MakeMyTrip from a “sell” rating to a “buy” rating in a research report on Monday, June 13th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, MakeMyTrip has a consensus rating of “Moderate Buy” and a consensus price target of $39.60.

About MakeMyTrip

(Get Rating)

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.

Further Reading

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