Jennison Associates LLC Buys 1,710,773 Shares of MakeMyTrip Limited (NASDAQ:MMYT)

Jennison Associates LLC lifted its stake in MakeMyTrip Limited (NASDAQ:MMYT) by 282.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,316,572 shares of the technology company’s stock after purchasing an additional 1,710,773 shares during the quarter. Jennison Associates LLC’s holdings in MakeMyTrip were worth $215,325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Park Place Capital Corp bought a new position in MakeMyTrip in the 3rd quarter worth $25,000. EverSource Wealth Advisors LLC grew its position in shares of MakeMyTrip by 163.5% during the first quarter. EverSource Wealth Advisors LLC now owns 535 shares of the technology company’s stock worth $35,000 after purchasing an additional 332 shares in the last quarter. Fifth Third Bancorp bought a new stake in MakeMyTrip during the 2nd quarter valued at approximately $59,000. nVerses Capital LLC purchased a new position in MakeMyTrip in the 2nd quarter worth approximately $143,000. Finally, LRI Investments LLC bought a new position in MakeMyTrip in the 1st quarter worth approximately $149,000. 51.89% of the stock is currently owned by institutional investors.

MakeMyTrip Price Performance

MakeMyTrip stock opened at $103.00 on Wednesday. MakeMyTrip Limited has a 52-week low of $41.56 and a 52-week high of $113.61. The company has a market cap of $11.31 billion, a price-to-earnings ratio of 56.28, a PEG ratio of 5.48 and a beta of 1.27. The firm’s fifty day moving average is $101.64 and its 200 day moving average is $91.64. The company has a quick ratio of 2.81, a current ratio of 2.82 and a debt-to-equity ratio of 0.19.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MMYT. StockNews.com lowered shares of MakeMyTrip from a “hold” rating to a “sell” rating in a research report on Wednesday. Bank of America increased their price objective on shares of MakeMyTrip from $112.00 to $119.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Citigroup lifted their target price on MakeMyTrip from $93.00 to $115.00 and gave the stock a “buy” rating in a report 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.