Tencent (OTCMKTS:TCEHY) Shares Gap Up - Here's What Happened

Key Points

• Tencent shares gapped up, opening at $70.48 after a $67.00 close and last trading at $73.12 on ~3.22M shares, representing about a 10.2% intraday rise.
• Analysts' consensus is a Buy with a $102 price target; recent notes include an Erste Group downgrade to Hold, Barclays' $102 objective, and Zacks' upgrade to Strong Buy.
• Tencent has a market capitalization of $672.5B and a PE of 22.72, trades near its 50-day average ($73.24) but below its 200-day average ($78.05), and shows conservative leverage (debt/equity 0.26).

Tencent Holding Ltd. (OTCMKTS:TCEHY - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $67.00, but opened at $70.48. Tencent shares last traded at $73.12, with a volume of 3,217,577 shares.

Analysts Set New Price Targets

TCEHY has been the subject of several recent research reports. Erste Group Bank lowered Tencent from a "buy" rating to a "hold" rating in a report on Wednesday, February 18th. Barclays reiterated an "overweight" rating and set a $102.00 price objective on shares of Tencent in a research note on Friday, November 14th. Finally, Zacks Research raised shares of Tencent from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $102.00.

Tencent Stock Up 10.2%

The company has a 50-day moving average price of $73.24 and a 200 day moving average price of $78.05. The firm has a market capitalization of $672.50 billion, a PE ratio of 22.72 and a beta of 0.30. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.36 and a quick ratio of 1.35.

About Tencent

Tencent Holdings Limited is a Chinese multinational technology conglomerate headquartered in Shenzhen, Guangdong. Founded in 1998, the company grew from early instant-messaging products into a diversified internet services group and is listed on the Hong Kong Stock Exchange. Tencent's businesses span consumer-facing applications, digital content, cloud services and financial technology, supported by a broad investment program in global technology and gaming companies.

At the consumer level Tencent operates major social and communication platforms such as QQ and WeChat (Weixin), which combine messaging, social networking, mobile payments and a wide range of mini-programs and services.

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