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

MakeMyTrip (NASDAQ:MMYT) had its price objective boosted by equities researchers at Bank of America from $119.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Bank of America‘s target price would suggest a potential upside of 11.87% from the company’s previous close.

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

MakeMyTrip Trading Up 1.8 %

NASDAQ MMYT opened at $116.21 on Friday. The firm has a market cap of $12.76 billion, a PE ratio of 63.50, a price-to-earnings-growth ratio of 6.59 and a beta of 1.27. MakeMyTrip has a 52 week low of $43.31 and a 52 week high of $123.00. The company has a quick ratio of 2.81, a current ratio of 2.82 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average price of $109.34 and a 200 day moving average price of $98.46.

MakeMyTrip (NASDAQ:MMYT) last issued its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.26 by $0.10. MakeMyTrip had a return on equity of 11.54% and a net margin of 26.64%. The firm had revenue of $210.99 million during the quarter, compared to analyst estimates of $214.90 million. During the same quarter in the prior year, the business posted $0.18 EPS. As a group, sell-side analysts forecast that MakeMyTrip will post 1.29 EPS for the current fiscal year.

Hedge Funds Weigh In On MakeMyTrip

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in MakeMyTrip by 1.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 30,712 shares of the technology company’s stock valued at $2,583,000 after purchasing an additional 324 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in MakeMyTrip in the 2nd quarter worth approximately $602,000. Van ECK Associates Corp raised its position in MakeMyTrip by 5.9% during the 2nd quarter. Van ECK Associates Corp now owns 14,163 shares of the technology company’s stock worth $1,191,000 after buying an additional 791 shares during the last quarter. nVerses Capital LLC acquired a new stake in MakeMyTrip during the 2nd quarter valued at approximately $143,000. Finally, Acadian Asset Management LLC raised its holdings in shares of MakeMyTrip by 27.1% during the second quarter. Acadian Asset Management LLC now owns 343,235 shares of the technology company’s stock worth $28,854,000 after purchasing an additional 73,092 shares during the last quarter. 51.89% of the stock is owned by institutional investors and hedge funds.

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.