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Investors Business Daily
Investors Business Daily
Business
VIDYA RAMAKRISHNAN

Travel Stock Offers Two Buy Points After 118% Gain

MMYT stock has rallied sharply. As of Tuesday's closing price, MakeMyTrip had gained a whopping 118% year to date.

That brings up a common question among investors: Where are stocks headed after a strong rally? Reading MMYT stock's chart pattern and checking its rank among other stocks provide some clues.

Also see if the stock is part of an elite list. For example, after its rally, MMYT stock is on the select IBD 50 Stocks To Watch with strong ratings.

MMYT Chart And Rankings

Though shares fell after results for its September-ended quarter on Oct. 23., they managed to hold the 50-day moving average as seen on the daily charts on IBD MarketSurge. That has helped the stock trade with tight weekly closings for four weeks and offer an alternative and early buy point of 106.84. Shares are just below that price level. The proper buy point is at 110.49. However, the strong rally has also left the stock in a late-stage base. Earlier bases are known to net higher gains, based on IBD's research.

The leisure and travel booking group ranks 17th among 197 industry groups in the IBD database. MMYT stock holds a Composite Rating of 98. That shows the stock is an all-rounder with solid earnings growth and market performance. The EPS Rating stands at 98 while the Relative Strength Rating of 96 is also outstanding. The rising relative strength line shows the stock is outperforming the S&P 500.

Sales growth over the past eight quarters has ranged between 25% and 68% while earnings have grown between 17% and 500%. Mutual funds own 50% of outstanding shares as more funds have been adding the stock over the past five quarters. The Lord Abbett Developing Growth Fund (LAGWX) and the Alger Small Cap Growth Fund (ALSCX) hold shares of MMYT stock.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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