Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – What’s Next?

Tencent Music Entertainment Group (NYSE:TME) shares gapped down before the market opened on Monday . The stock had previously closed at $14.38, but opened at $13.83. Tencent Music Entertainment Group shares last traded at $13.13, with a volume of 4,956,419 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TME. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Finally, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research note on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The company has a market capitalization of $22.23 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 0.77 and a beta of 0.70. The company’s 50-day moving average price is $11.81 and its two-hundred day moving average price is $11.52.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB bought a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth $64,000. Avior Wealth Management LLC grew its stake in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group in the fourth quarter valued at $110,000. Oppenheimer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. Finally, PNC Financial Services Group Inc. lifted its position in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after buying an additional 1,094 shares during the last quarter. Institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.