Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – Should You Sell?

Tencent Music Entertainment Group (NYSE:TME) 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 trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Daiwa America downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Benchmark cut their price objective on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley downgraded Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Mizuho cut their price target on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Stock Down 5.5 %

The firm has a fifty day simple moving average of $11.88 and a 200 day simple moving average of $12.52. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $20.27 billion, a PE ratio of 21.87, a PEG ratio of 0.95 and a beta of 0.68.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. raised its stake in Tencent Music Entertainment Group by 20.9% during the third quarter. Franklin Resources Inc. now owns 577,113 shares of the company’s stock worth $7,329,000 after purchasing an additional 99,799 shares during the period. Tidal Investments LLC raised its position in shares of Tencent Music Entertainment Group by 28.9% in the 3rd quarter. Tidal Investments LLC now owns 116,068 shares of the company’s stock worth $1,399,000 after buying an additional 26,004 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group in the 3rd quarter worth $64,000. Geode Capital Management LLC boosted its holdings in Tencent Music Entertainment Group by 2.2% in the third quarter. Geode Capital Management LLC now owns 4,303,518 shares of the company’s stock valued at $51,405,000 after acquiring an additional 93,719 shares during the last quarter. Finally, Barclays PLC grew its position in Tencent Music Entertainment Group by 5.8% during the third quarter. Barclays PLC now owns 762,650 shares of the company’s stock valued at $9,189,000 after acquiring an additional 41,990 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

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.