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

Shares of Tencent Music Entertainment Group (NYSE:TME - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $13.73, but opened at $12.93. Tencent Music Entertainment Group shares last traded at $13.35, with a volume of 1,374,395 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TME. Mizuho dropped their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Wednesday, August 14th. Daiwa America cut Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Benchmark lowered their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. Bank of America cut their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. Finally, Daiwa Capital Markets cut Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average price target of $12.67.

Tencent Music Entertainment Group Price Performance

The stock has a market cap of $23.18 billion, a PE ratio of 29.37, a PEG ratio of 0.89 and a beta of 0.65. The business's 50-day simple moving average is $11.36 and its 200-day simple moving average is $12.74. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 20.35% and a return on equity of 10.11%. The business had revenue of $985.00 million for the quarter, compared to analysts' expectations of $1 billion. On average, research analysts expect that Tencent Music Entertainment Group will post 0.62 EPS for the current fiscal year.

Institutional Trading of Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TME. Mirae Asset Global Investments Co. Ltd. raised its holdings in Tencent Music Entertainment Group by 238.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,805,479 shares of the company's stock worth $19,847,000 after purchasing an additional 1,271,426 shares in the last quarter. Capital Wealth Planning LLC bought a new position in Tencent Music Entertainment Group in the first quarter worth about $2,588,000. Swedbank AB purchased a new stake in Tencent Music Entertainment Group in the first quarter worth about $1,980,000. Progeny 3 Inc. bought a new stake in Tencent Music Entertainment Group during the 2nd quarter valued at approximately $11,436,000. Finally, Banque Cantonale Vaudoise boosted its position in Tencent Music Entertainment Group by 1,027.8% during the 1st quarter. Banque Cantonale Vaudoise now owns 202,999 shares of the company's stock valued at $2,271,000 after acquiring an additional 185,000 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

About Tencent Music Entertainment Group

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.