Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – What’s Next?

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) gapped up prior to trading on Thursday . The stock had previously closed at $8.86, but opened at $9.21. Tencent Music Entertainment Group shares last traded at $9.2860, with a volume of 1,612,105 shares trading hands.

Analysts Set New Price Targets

TME has been the subject of a number of analyst reports. Zacks Research upgraded shares of Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. UBS Group restated a “neutral” rating and set a $13.00 price target (down from $26.00) on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Barclays dropped their price objective on Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 19th. Morgan Stanley reiterated an “equal weight” rating on shares of Tencent Music Entertainment Group in a research report on Thursday, March 19th. Finally, Weiss Ratings raised Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Hold” and a consensus price target of $21.44.

Tencent Music Entertainment Group Trading Up 4.6%

The stock’s fifty day moving average price is $8.90 and its 200 day moving average price is $11.93. The stock has a market cap of $14.58 billion, a P/E ratio of 11.61, a PEG ratio of 0.57 and a beta of 0.82. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion during the quarter. Equities research analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allworth Financial LP grew its stake in shares of Tencent Music Entertainment Group by 63.2% during the 3rd quarter. Allworth Financial LP now owns 1,480 shares of the company’s stock valued at $35,000 after acquiring an additional 573 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Tencent Music Entertainment Group by 0.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 132,635 shares of the company’s stock valued at $2,325,000 after purchasing an additional 610 shares in the last quarter. Vise Technologies Inc. lifted its holdings in Tencent Music Entertainment Group by 5.0% during the fourth quarter. Vise Technologies Inc. now owns 14,648 shares of the company’s stock valued at $257,000 after purchasing an additional 692 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Tencent Music Entertainment Group by 61.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company’s stock worth $37,000 after purchasing an additional 807 shares during the period. Finally, Cerity Partners LLC boosted its position in shares of Tencent Music Entertainment Group by 1.8% in the fourth quarter. Cerity Partners LLC now owns 52,583 shares of the company’s stock worth $922,000 after purchasing an additional 929 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group (NYSE: TME) is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent’s music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.