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

Tencent Music Entertainment Group (NYSE:TME)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $12.50, but opened at $12.24. Tencent Music Entertainment Group shares last traded at $11.93, with a volume of 755,992 shares changing hands.

Analyst Ratings Changes

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

Tencent Music Entertainment Group Trading Up 2.5 %

The business’s 50 day simple moving average is $11.81 and its 200 day simple moving average is $12.49. 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 stock has a market cap of $20.71 billion, a P/E ratio of 22.35, a PEG ratio of 0.89 and a beta of 0.68.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Progeny 3 Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth about $11,436,000. Bank of Montreal Can increased its holdings in shares of Tencent Music Entertainment Group by 86.0% during the third quarter. Bank of Montreal Can now owns 181,991 shares of the company’s stock worth $2,235,000 after buying an additional 84,161 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of Tencent Music Entertainment Group by 21.2% during the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after buying an additional 75,991 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after acquiring an additional 211,873 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Tencent Music Entertainment Group by 33.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,911,048 shares of the company’s stock worth $23,028,000 after acquiring an additional 480,504 shares during the last quarter. 24.32% of the stock is owned by institutional investors.

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.