Tencent (OTCMKTS:TCEHY) Shares Gap Down – Time to Sell?

Tencent Holding Ltd. (OTCMKTS:TCEHY) gapped down before the market opened on Thursday . The stock had previously closed at $58.65, but opened at $56.2150. Tencent shares last traded at $56.16, with a volume of 29,714 shares.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Barclays reaffirmed an “overweight” rating and set a $106.00 target price on shares of Tencent in a research note on Thursday, May 14th. Zacks Research cut shares of Tencent from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Finally, Erste Group Bank cut shares of Tencent from a “buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $106.00.

Tencent Trading Down 3.7%

The business’s 50 day simple moving average is $63.40 and its two-hundred day simple moving average is $71.60. The stock has a market cap of $515.21 billion, a P/E ratio of 15.78 and a beta of 0.29. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

About Tencent

Tencent Holdings Limited is a Chinese multinational technology conglomerate headquartered in Shenzhen, Guangdong. Founded in 1998, the company grew from early instant-messaging products into a diversified internet services group and is listed on the Hong Kong Stock Exchange. Tencent’s businesses span consumer-facing applications, digital content, cloud services and financial technology, supported by a broad investment program in global technology and gaming companies.

At the consumer level Tencent operates major social and communication platforms such as QQ and WeChat (Weixin), which combine messaging, social networking, mobile payments and a wide range of mini-programs and services.