Tencent (OTCMKTS:TCEHY) Shares Gap Down – Here’s What Happened

Tencent Holding Ltd. (OTCMKTS:TCEHY) shares gapped down prior to trading on Wednesday. The stock had previously closed at $52.50, but opened at $50.51. Tencent shares last traded at $50.3998, with a volume of 854,649 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TCEHY. Barclays dropped their price target on Tencent from $106.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday. Zacks Research raised Tencent from a “strong sell” rating to a “hold” rating in a report on Thursday, September 24th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Tencent presently has a consensus rating of “Hold” and an average price target of $88.00.

Tencent Price Performance

The company’s fifty day moving average price is $55.07 and its 200 day moving average price is $57.70. The company has a market capitalization of $450.54 billion, a P/E ratio of 13.25 and a beta of 0.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Tencent stock. Raiffeisen Bank International AG purchased a new stake in Tencent Holding Ltd. (OTCMKTS:TCEHY) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 259,080 shares of the technology company’s stock, valued at approximately $13,897,000. 0.02% of the stock is currently owned by hedge funds and other institutional investors.

About Tencent

Tencent Holdings Ltd. is a Chinese technology and internet company founded in 1998 and headquartered in Shenzhen, China. The company develops and operates digital platforms and services used by consumers, businesses and content creators in China and international markets.

Tencent’s major products include Weixin, known as WeChat internationally, a messaging and social platform that also supports payments, commerce, mini programs and other services, as well as QQ, an instant-messaging and social-media platform.