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

Tencent Music Entertainment Group (NYSE:TME) gapped down prior to trading on Monday . The stock had previously closed at $14.38, but opened at $13.83. Tencent Music Entertainment Group shares last traded at $13.13, with a volume of 4,956,419 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TME. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 target price on the stock. Barclays initiated coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target on the stock. Finally, Morgan Stanley raised Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Performance

The stock has a market cap of $22.23 billion, a P/E ratio of 23.99, a PEG ratio of 0.77 and a beta of 0.70. The firm’s 50-day moving average price is $11.81 and its 200-day moving average price is $11.52. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank bought a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $286,000. GF Fund Management CO. LTD. purchased a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth $11,411,000. Burgundy Asset Management Ltd. raised its position in Tencent Music Entertainment Group by 30.3% during the fourth quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company’s stock valued at $476,000 after purchasing an additional 9,755 shares during the period. Vise Technologies Inc. bought a new position in Tencent Music Entertainment Group during the fourth quarter valued at $169,000. Finally, Vident Advisory LLC lifted its stake in Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company’s stock worth $214,000 after purchasing an additional 3,538 shares during 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.