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

Tencent Music Entertainment Group (NYSE:TME) shares gapped down prior to trading on Tuesday . The stock had previously closed at $12.87, but opened at $12.43. Tencent Music Entertainment Group shares last traded at $12.22, with a volume of 2,198,539 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Performance

The firm has a 50-day moving average of $12.04 and a 200-day moving average of $11.66. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $20.98 billion, a price-to-earnings ratio of 22.64, a P/E/G ratio of 0.77 and a beta of 0.70.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of large investors have recently bought and sold shares of TME. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. Avior Wealth Management LLC boosted 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. SBI Securities Co. Ltd. acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter worth $110,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth $114,000. Finally, PNC Financial Services Group Inc. lifted its position in Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

About Tencent Music Entertainment Group

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.