Tencent Music Entertainment Group (NYSE:TME) Stock Price Up 4.2% – What’s Next?

Tencent Music Entertainment Group (NYSE:TME) shares shot up 4.2% on Thursday . The stock traded as high as $12.36 and last traded at $12.28. 1,019,396 shares changed hands during trading, a decline of 88% from the average session volume of 8,528,302 shares. The stock had previously closed at $11.78.

Wall Street Analyst Weigh In

TME has been the topic of several analyst reports. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective on the stock. Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Finally, Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and an average target price of $13.28.

Tencent Music Entertainment Group Stock Down 0.7 %

The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $20.56 billion, a P/E ratio of 22.19, a PEG ratio of 0.89 and a beta of 0.68. The company has a fifty day moving average price of $11.78 and a 200-day moving average price of $12.47.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group in the second quarter worth $37,000. Tobam increased its holdings in shares of Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter valued at about $64,000. Avior Wealth Management LLC lifted its holdings in shares of 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 valued at $68,000 after acquiring an additional 4,071 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Tencent Music Entertainment Group in the third quarter worth about $147,000. 24.32% of the stock is owned by hedge funds and other institutional investors.

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.