Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – Time to Sell?

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.

Wall Street Analyst Weigh In

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

Tencent Music Entertainment Group Stock Down 4.7 %

The stock has a fifty day moving average price of $12.01 and a two-hundred day moving average price of $11.64. The company has a market cap of $21.05 billion, a price-to-earnings ratio of 22.66, a P/E/G ratio of 0.77 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors have recently bought and sold shares of TME. JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 558.2% in the fourth quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company’s stock valued at $133,629,000 after buying an additional 9,984,690 shares during the period. Artisan Partners Limited Partnership acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $113,031,000. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $99,539,000. Mawer Investment Management Ltd. lifted its position in shares of Tencent Music Entertainment Group by 152.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company’s stock valued at $130,155,000 after acquiring an additional 6,919,574 shares during the period. Finally, Cantillon Capital Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after purchasing an additional 5,265,783 shares in 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.