Tencent Music Entertainment Group – (NYSE:TME) was the recipient of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 38,882,800 shares, a drop of 10.2% from the May 30th total of 43,294,500 shares. Based on an average daily volume of 6,040,000 shares, the short-interest ratio is presently 6.4 days. Currently, 13.2% of the company’s stock are short sold.
A number of research analysts recently issued reports on the company. CICC Research lowered Bank of East Asia from a “hold” rating to a “sell” rating in a report on Thursday, June 13th. China International Capital raised JD.Com to a “buy” rating in a report on Monday, May 13th. Zacks Investment Research downgraded Horiba from a “hold” rating to a “sell” rating in a report on Wednesday, May 22nd. Loop Capital started coverage on Uber Technologies in a report on Tuesday, June 4th. They set a “buy” rating for the company. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $108.00 price target on shares of Wynn Resorts in a report on Wednesday, March 20th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $16.38.
Shares of NYSE TME opened at $15.71 on Friday. The stock has a market cap of $25.69 billion and a P/E ratio of 78.55. The business’s 50-day simple moving average is $14.41. Tencent Music Entertainment Group has a 1 year low of $11.81 and a 1 year high of $19.97.
Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Monday, May 13th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.02. The business had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $861.27 million. As a group, equities research analysts predict that Tencent Music Entertainment Group will post 0.36 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Xact Kapitalforvaltning AB purchased a new stake in shares of Tencent Music Entertainment Group during the 2nd quarter worth approximately $1,094,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at approximately $4,169,000. First Trust Advisors LP purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at approximately $468,000. FMR LLC purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at approximately $21,905,000. Finally, Clearbridge Investments LLC purchased a new stake in Tencent Music Entertainment Group in the 1st quarter valued at approximately $410,000. Institutional investors and hedge funds own 5.72% of the company’s stock.
About Tencent Music Entertainment Group
Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.
Read More: Return on Investment (ROI)
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