Tencent Music Entertainment Group (NYSE:TME) Shares Gap Down - Time to Sell?

Tencent Music Entertainment Group (NYSE:TME - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $12.13, but opened at $11.76. Tencent Music Entertainment Group shares last traded at $11.64, with a volume of 174,944 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TME shares. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Daiwa America lowered Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 13th. Bank of America lowered their price target 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. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, August 14th. Finally, Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.67.

Tencent Music Entertainment Group Trading Down 4.0 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The company has a market cap of $19.98 billion, a PE ratio of 24.25, a P/E/G ratio of 0.95 and a beta of 0.66. The company has a fifty day simple moving average of $11.22 and a two-hundred day simple moving average of $12.86.

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

Institutional Investors Weigh In On Tencent Music Entertainment Group

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Tencent Music Entertainment Group by 238.1% during the first 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 during the last quarter. Capital Wealth Planning LLC acquired a new position in shares of Tencent Music Entertainment Group in the 1st quarter valued at $2,588,000. Progeny 3 Inc. purchased a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at $11,436,000. Swedbank AB acquired a new stake in Tencent Music Entertainment Group during the 1st quarter worth $1,980,000. Finally, Banque Cantonale Vaudoise raised its stake 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 worth $2,271,000 after acquiring an additional 185,000 shares in the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

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.