NewEdge Advisors LLC Trims Holdings in MakeMyTrip Limited (NASDAQ:MMYT)

NewEdge Advisors LLC reduced its stake in MakeMyTrip Limited (NASDAQ:MMYT) by 3.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,011 shares of the technology company’s stock after selling 566 shares during the quarter. NewEdge Advisors LLC’s holdings in MakeMyTrip were worth $1,515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of MakeMyTrip by 163.5% in the first quarter. EverSource Wealth Advisors LLC now owns 535 shares of the technology company’s stock valued at $35,000 after purchasing an additional 332 shares during the period. Fifth Third Bancorp purchased a new stake in shares of MakeMyTrip in the 2nd quarter valued at approximately $59,000. nVerses Capital LLC acquired a new stake in shares of MakeMyTrip during the 2nd quarter worth approximately $143,000. LRI Investments LLC purchased a new stake in shares of MakeMyTrip during the 1st quarter valued at approximately $149,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in MakeMyTrip in the second quarter valued at approximately $269,000. 51.89% of the stock is owned by institutional investors and hedge funds.

MakeMyTrip Stock Up 10.0 %

NASDAQ:MMYT opened at $99.37 on Friday. MakeMyTrip Limited has a 52 week low of $36.81 and a 52 week high of $110.49. The stock’s fifty day moving average is $96.26 and its two-hundred day moving average is $83.99. The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of 59.50, a price-to-earnings-growth ratio of 5.88 and a beta of 1.28. The company has a quick ratio of 2.77, a current ratio of 2.78 and a debt-to-equity ratio of 0.19.

MakeMyTrip (NASDAQ:MMYT) last posted its earnings results on Tuesday, July 23rd. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.23. MakeMyTrip had a return on equity of 11.04% and a net margin of 26.11%. The firm had revenue of $254.52 million for the quarter, compared to analyst estimates of $231.85 million. Research analysts anticipate that MakeMyTrip Limited will post 1.38 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Bank of America raised their target price on MakeMyTrip from $100.00 to $112.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. StockNews.com upgraded shares of MakeMyTrip from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, Citigroup increased their target price on shares of MakeMyTrip from $93.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th.

MakeMyTrip 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.