Despegar.com (NYSE:DESP) Sees Strong Trading Volume – Here’s Why

Despegar.com, Corp. (NYSE:DESP) shares saw strong trading volume on Tuesday . 777,306 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 994,555 shares.The stock last traded at $19.39 and had previously closed at $19.46.

Wall Street Analyst Weigh In

A number of analysts recently commented on DESP shares. TD Cowen upgraded shares of Despegar.com from a “sell” rating to a “hold” rating in a report on Tuesday. Morgan Stanley upped their price target on Despegar.com from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, November 29th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Despegar.com currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.20.

Despegar.com Stock Performance

The business’s 50 day simple moving average is $16.11 and its 200 day simple moving average is $13.71.

Institutional Investors Weigh In On Despegar.com

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Despegar.com in the second quarter valued at $2,618,000. Catalytic Wealth RIA LLC purchased a new stake in Despegar.com in the 2nd quarter worth about $172,000. Rhumbline Advisers acquired a new stake in Despegar.com during the 2nd quarter worth about $1,159,000. Allegheny Financial Group LTD purchased a new position in Despegar.com during the 2nd quarter valued at about $407,000. Finally, MayTech Global Investments LLC purchased a new position in Despegar.com during the 2nd quarter valued at about $11,836,000. Hedge funds and other institutional investors own 67.93% of the company’s stock.

Despegar.com Company Profile

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.