Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up After Analyst Upgrade

Tencent Music Entertainment Group (NYSE:TMEGet Free Report)’s share price gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $11.00 to $13.50. The stock had previously closed at $11.04, but opened at $11.35. Morgan Stanley currently has an overweight rating on the stock. Tencent Music Entertainment Group shares last traded at $11.21, with a volume of 2,861,323 shares changing hands.

Other analysts have also recently issued research reports about the stock. Bank of America boosted their target price on shares of Tencent Music Entertainment Group from $10.50 to $12.30 and gave the company a “buy” rating in a report on Wednesday. The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Wednesday. Benchmark boosted their price target on Tencent Music Entertainment Group from $9.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a research report on Monday, February 5th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Citigroup raised Tencent Music Entertainment Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $9.00 to $13.00 in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Check Out Our Latest Stock Analysis on TME

Institutional Trading of Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC raised its stake in Tencent Music Entertainment Group by 595.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company’s stock valued at $25,000 after purchasing an additional 2,906 shares during the period. Tobam purchased a new position in shares of Tencent Music Entertainment Group in the fourth quarter worth $36,000. Headinvest LLC bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth $39,000. HighTower Advisors LLC purchased a new position in Tencent Music Entertainment Group during the first quarter valued at $51,000. Finally, Lindbrook Capital LLC increased its holdings in Tencent Music Entertainment Group by 40.9% in the 4th quarter. Lindbrook Capital LLC now owns 7,036 shares of the company’s stock valued at $63,000 after acquiring an additional 2,044 shares during the last quarter. 23.59% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Performance

The firm’s 50 day simple moving average is $9.78 and its 200 day simple moving average is $8.34. The firm has a market cap of $19.56 billion, a PE ratio of 25.91, a PEG ratio of 0.91 and a beta of 0.80. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.10.

Tencent Music Entertainment Group Company Profile

(Get Free Report)

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.

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