Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down to $7.02

Tencent Music Entertainment Group (NYSE:TME)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $7.02, but opened at $6.82. Tencent Music Entertainment Group shares last traded at $6.83, with a volume of 852,726 shares trading hands.

Wall Street Analysts Forecast Growth

TME has been the topic of several recent analyst reports. 888 reissued a “maintains” rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 17th. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $10.00 to $11.00 in a report on Wednesday, May 17th. HSBC decreased their price objective on shares of Tencent Music Entertainment Group from $8.40 to $7.40 in a report on Thursday, July 20th. Citigroup reduced their price target on shares of Tencent Music Entertainment Group from $7.50 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 16th. Finally, Bank of America lowered their price objective on shares of Tencent Music Entertainment Group from $10.00 to $8.80 and set a “buy” rating for the company in a report on Wednesday, August 16th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $8.72.

Tencent Music Entertainment Group Stock Down 1.9 %

The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.11. The company’s fifty day moving average price is $6.87 and its 200-day moving average price is $7.37. The stock has a market capitalization of $11.82 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 0.78 and a beta of 0.81.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Tuesday, August 15th. The company reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.06). Tencent Music Entertainment Group had a net margin of 16.00% and a return on equity of 9.87%. The company had revenue of $7.29 billion for the quarter, compared to the consensus estimate of $7.30 billion. During the same period last year, the business earned $0.07 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. Analysts forecast that Tencent Music Entertainment Group will post 0.46 earnings per share for the current year.

Hedge Funds Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 161.8% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,105,728 shares of the company’s stock worth $9,155,000 after buying an additional 683,316 shares in the last quarter. abrdn plc boosted its stake in Tencent Music Entertainment Group by 19.7% during the 4th quarter. abrdn plc now owns 161,958 shares of the company’s stock valued at $1,341,000 after purchasing an additional 26,625 shares during the last quarter. Vestmark Advisory Solutions Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth $207,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Tencent Music Entertainment Group in the first quarter worth $611,000. Finally, Vinva Investment Management Ltd bought a new position in shares of Tencent Music Entertainment Group during the first quarter valued at $97,000. Institutional investors own 23.59% 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.