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

Tencent Music Entertainment Group (NYSE:TME)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $12.87, but opened at $12.43. Tencent Music Entertainment Group shares last traded at $12.22, with a volume of 2,198,539 shares traded.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley raised 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 note on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Price Performance

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 firm’s 50-day moving average price is $12.04 and its two-hundred day moving average price is $11.66. The stock has a market cap of $20.98 billion, a PE ratio of 22.64, a PEG ratio of 0.77 and a beta of 0.70.

Institutional Trading of Tencent Music Entertainment Group

Hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group in the 3rd quarter worth $64,000. Avior Wealth Management LLC grew its stake in Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after purchasing an additional 4,071 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group in the fourth quarter worth about $110,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

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.