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

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $20.75, but opened at $19.72. Tencent Music Entertainment Group shares last traded at $18.9420, with a volume of 8,027,940 shares.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays raised their price target on shares of Tencent Music Entertainment Group from $27.00 to $28.00 and gave the company an “overweight” rating in a report on Wednesday. Macquarie set a $29.80 price objective on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Benchmark boosted their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 price target on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Wednesday, August 13th. Finally, Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.66.

Tencent Music Entertainment Group Stock Down 8.0%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The stock’s 50 day moving average price is $23.47 and its 200-day moving average price is $21.03. The company has a market cap of $32.77 billion, a PE ratio of 20.94, a PEG ratio of 1.30 and a beta of 0.51.

Institutional Trading of Tencent Music Entertainment Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Nuveen LLC purchased a new stake in shares of Tencent Music Entertainment Group during the first quarter valued at approximately $85,498,000. Norges Bank bought a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at $110,813,000. JPMorgan Chase & Co. raised its holdings in Tencent Music Entertainment Group by 26.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,501,541 shares of the company’s stock valued at $380,085,000 after buying an additional 4,071,323 shares during the last quarter. Krane Funds Advisors LLC boosted its position in Tencent Music Entertainment Group by 25.4% during the 3rd quarter. Krane Funds Advisors LLC now owns 19,020,641 shares of the company’s stock valued at $421,593,000 after buying an additional 3,856,410 shares during the period. Finally, William Blair Investment Management LLC bought a new stake in Tencent Music Entertainment Group in the 3rd quarter worth $88,175,000. 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.