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

Tencent Music Entertainment Group (NYSE:TME) shares gapped up before the market opened on Friday . The stock had previously closed at $12.76, but opened at $13.50. Tencent Music Entertainment Group shares last traded at $13.31, with a volume of 2,352,025 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TME shares. Morgan Stanley upgraded shares of 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. Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company. Finally, Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target for the company. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Up 5.3 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $23.05 billion, a price-to-earnings ratio of 24.78, a PEG ratio of 0.73 and a beta of 0.70. The firm’s fifty day simple moving average is $11.61 and its 200 day simple moving average is $11.55.

Institutional Trading of Tencent Music Entertainment Group

Several institutional investors have recently modified their holdings of TME. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tencent Music Entertainment Group during the 3rd quarter worth approximately $64,000. Avior Wealth Management LLC lifted its position in shares of Tencent Music Entertainment Group by 253.8% during the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $114,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock worth $126,000 after buying an additional 1,094 shares during the last quarter. Hedge funds and other 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.