Tencent Music Entertainment Group Sees Unusually High Options Volume (NYSE:TME)

Tencent Music Entertainment Group (NYSE:TME) saw unusually large options trading on Monday. Stock traders purchased 19,873 put options on the stock. This is an increase of 742% compared to the average volume of 2,361 put options.

Analysts Set New Price Targets

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

Tencent Music Entertainment Group Price Performance

Shares of NYSE:TME opened at $13.11 on Tuesday. The firm has a market cap of $22.49 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 52 week low of $9.41 and a 52 week high of $15.77. The firm’s fifty day moving average is $12.13 and its 200-day moving average is $11.71. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Institutional Inflows and Outflows

Hedge funds and other institutional investors 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 during the third quarter worth about $64,000. Avior Wealth Management LLC increased its position in 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 valued at $68,000 after purchasing an additional 4,071 shares during the period. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group during the 4th quarter worth approximately $110,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Tencent Music Entertainment Group in the 4th quarter worth approximately $114,000. Finally, PNC Financial Services Group Inc. boosted its stake 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 purchasing an additional 1,094 shares during the last quarter. 24.32% of the stock is owned by institutional investors and hedge funds.

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.