Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down – Here’s Why

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $20.75, but opened at $19.72. Tencent Music Entertainment Group shares last traded at $18.9420, with a volume of 8,027,940 shares traded.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Citigroup restated a “buy” rating and set a $29.00 price target (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Bank of America started coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They set a “neutral” rating and a $25.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, October 8th. Barclays lifted their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Wall Street Zen cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.66.

Tencent Music Entertainment Group Trading Down 8.0%

The firm has a market cap of $32.77 billion, a P/E ratio of 20.94, a price-to-earnings-growth ratio of 1.30 and a beta of 0.51. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The firm’s 50-day simple moving average is $23.47 and its 200 day simple moving average is $21.03.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TME. Nuveen LLC purchased a new stake in shares of Tencent Music Entertainment Group during the 1st quarter valued at approximately $85,498,000. Norges Bank bought a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $110,813,000. JPMorgan Chase & Co. lifted its position in shares of Tencent Music Entertainment Group by 26.4% during the second quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock worth $380,085,000 after acquiring an additional 4,071,323 shares in the last quarter. Krane Funds Advisors LLC lifted its position in shares of Tencent Music Entertainment Group by 25.4% during the third quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock worth $421,593,000 after acquiring an additional 3,856,410 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new position in shares of Tencent Music Entertainment Group in the third quarter worth $88,175,000. 24.32% of the stock is currently owned by 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.