Analysts Set Price Target of $114.33 for MakeMyTrip Shares

Shares of MakeMyTrip Limited (NASDAQ:MMYT) have garnered a consensus recommendation of “Moderate Buy” from five brokerage firms currently covering the company, according to MarketBeat Ratings. This assessment includes one hold recommendation and four buy ratings, reflecting confidence in the travel technology firm’s potential in the market.

The average twelve-month price target for MakeMyTrip’s stock stands at $114.33. This figure has been updated by several equities analysts in recent reports, showcasing a mix of opinions regarding the stock’s future performance. On October 3, 2023, Wall Street Zen downgraded MakeMyTrip from a “hold” rating to a “sell” rating. In contrast, on October 30, 2023, Weiss Ratings initiated coverage with a “hold (c)” rating.

Morgan Stanley reaffirmed an “overweight” rating on MakeMyTrip shares in a report dated December 31, 2023. Meanwhile, Bank of America adjusted its target price on the stock from $115.00 to $113.00, while maintaining a “buy” rating in a report released on December 24, 2023.

Institutional Investment Trends

Recent trading activity indicates a dynamic shift in institutional holdings of MakeMyTrip stock. Notably, Federated Hermes Inc. significantly increased its stake by an astonishing 2,438.5% during the second quarter, acquiring an additional 146,968 shares. This brought their total holdings to 152,995 shares, valued at approximately $14.997 million.

Other institutional investors have also made noteworthy moves. Nomura Asset Management Co. Ltd. established a new stake valued at around $30.005 million, while Seven Grand Managers LLC purchased shares worth about $7.352 million. Additionally, Schroder Investment Management Group increased its position by 42.4%, owning 5,628,019 shares now valued at $551.658 million after the acquisition of over 1.674 million shares.

Boston Common Asset Management LLC also expanded its stake by 12.3%, bringing its total to 24,730 shares, valued at $2.424 million. Currently, institutional investors hold approximately 51.89% of MakeMyTrip’s stock.

About MakeMyTrip

Founded in June 2000 by Deep Kalra, MakeMyTrip has established itself as a leading online travel company in India. It provides a comprehensive suite of travel products and services through its website and mobile application. The offerings include air ticketing, hotel reservations, holiday packages, as well as rail and bus ticket bookings.

Additionally, MakeMyTrip presents ancillary travel services such as travel insurance, visa assistance, and corporate travel management solutions. By leveraging technology-driven platforms, the company aims to deliver convenience, competitive pricing, and a seamless booking experience for both retail and business customers.

With a solid foundation and a strategic approach to the evolving travel market, MakeMyTrip continues to attract attention from analysts and investors alike.