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

Key Points

• Tencent Music Entertainment Group (NYSE:TME) shares surged, opening at $24.59 after a previous close of $22.70, with the last traded price at $25.03 and a volume of over 4.6 million shares.
• Analyst ratings on TME vary, with Macquarie setting a target price of $26.20, while Wall Street Zen downgraded from "buy" to "hold"; the current consensus rating is "Moderate Buy" with an average target price of $16.60.
• Institutional investors collectively own 24.32% of TME, with several newly establishing positions or increasing their stakes, indicating growing interest in the company.

Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $22.70, but opened at $24.59. Tencent Music Entertainment Group shares last traded at $25.03, with a volume of 4,640,588 shares.

Wall Street Analysts Forecast Growth

TME has been the topic of several research analyst reports. Macquarie set a $26.20 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Wall Street Zen cut Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Monday. Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average target price of $16.60.

Tencent Music Entertainment Group Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.83 and a quick ratio of 1.83. The stock's 50 day simple moving average is $19.98 and its two-hundred day simple moving average is $15.92. The stock has a market cap of $43.55 billion, a P/E ratio of 30.20 and a beta of 0.50.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of large investors have recently added to or reduced their stakes in TME. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at about $34,000. Banque Transatlantique SA bought a new position in shares of Tencent Music Entertainment Group in the first quarter valued at about $46,000. MAI Capital Management bought a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $73,000. Brooklyn Investment Group boosted its position in shares of Tencent Music Entertainment Group by 957.1% in the first quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock valued at $69,000 after acquiring an additional 4,307 shares during the period. Finally, iA Global Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group in the second quarter valued at about $131,000. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.