Despegar.com (NYSE:DESP) Shares Gap Down – Here’s Why

Despegar.com, Corp. (NYSE:DESP)’s share price gapped down prior to trading on Monday . The stock had previously closed at $18.75, but opened at $18.15. Despegar.com shares last traded at $18.03, with a volume of 124,361 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DESP shares. Cantor Fitzgerald reissued an “overweight” rating and set a $17.00 price target on shares of Despegar.com in a report on Friday, August 16th. TD Cowen cut shares of Despegar.com from a “buy” rating to a “sell” rating and boosted their target price for the company from $12.00 to $14.00 in a research report on Monday.

Despegar.com Stock Performance

The stock has a 50 day simple moving average of $14.17 and a 200 day simple moving average of $13.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sylebra Capital LLC increased its holdings in Despegar.com by 72.5% in the 2nd quarter. Sylebra Capital LLC now owns 2,923,275 shares of the company’s stock valued at $38,675,000 after buying an additional 1,228,824 shares during the period. Coronation Fund Managers Ltd. acquired a new position in Despegar.com during the second quarter valued at approximately $15,680,000. Itau Unibanco Holding S.A. lifted its stake in Despegar.com by 107.0% during the second quarter. Itau Unibanco Holding S.A. now owns 2,072,713 shares of the company’s stock worth $26,446,000 after purchasing an additional 1,071,213 shares during the last quarter. MayTech Global Investments LLC acquired a new stake in shares of Despegar.com in the 2nd quarter valued at $11,836,000. Finally, TT International Asset Management LTD bought a new position in shares of Despegar.com in the 3rd quarter valued at $8,763,000. Institutional investors and hedge funds own 67.93% of the company’s stock.

About Despegar.com

Despegar.com, Corp., an online travel company, provides a range of travel and travel-related products to leisure and corporate travelers through its websites and mobile applications in Latin America and the United States. The company operates in two segments, Travel Business and Financial Services Business.