Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 3.5% - Time to Sell?

Key Points

• Tencent Music Entertainment Group shares fell by 3.5% during trading, closing at $24.73 with a drastic drop in volume, indicating potential market concerns.
• Several analysts have recently upgraded their ratings on the stock, with Barclays setting a new price target of $27.00, reflecting confidence in the company's growth potential.
• Institutional investors have increased their positions in Tencent Music, with significant acquisitions reported, indicating a ongoing interest despite recent stock performance.

Shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Get Free Report) traded down 3.5% during trading on Friday . The stock traded as low as $24.65 and last traded at $24.73. 437,832 shares changed hands during trading, a decline of 94% from the average session volume of 7,282,937 shares. The stock had previously closed at $25.62.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays reissued an "overweight" rating and set a $27.00 target price (up from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Wall Street Zen upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. Zacks Research upgraded shares of Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Trading Down 2.3%

The company's 50 day moving average price is $23.03 and its 200 day moving average price is $17.88. The company has a market cap of $42.95 billion, a price-to-earnings ratio of 27.51 and a beta of 0.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. SVB Wealth LLC acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at $34,000. Banque Transatlantique SA acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at $46,000. EverSource Wealth Advisors LLC grew its stake in Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock valued at $59,000 after buying an additional 1,363 shares during the last quarter. Brooklyn Investment Group grew its position in Tencent Music Entertainment Group by 957.1% in the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company's stock worth $69,000 after purchasing an additional 4,307 shares during the last quarter. Finally, MAI Capital Management acquired a new stake in Tencent Music Entertainment Group in the 2nd quarter worth $73,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.

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