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

Shares of Tencent Music Entertainment Group (NYSE:TME - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $12.76, but opened at $13.50. Tencent Music Entertainment Group shares last traded at $13.31, with a volume of 2,352,025 shares.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TME. Barclays began coverage on shares of Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an "overweight" rating and a $16.00 target price for the company. Morgan Stanley upgraded Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective for the company in a research report on Tuesday, January 21st. Finally, Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an "outperform" rating and a $14.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group presently has a consensus rating of "Moderate Buy" and an average target price of $14.04.

Tencent Music Entertainment Group Price Performance

The company has a 50 day moving average of $11.64 and a two-hundred day moving average of $11.51. The firm has a market cap of $23.35 billion, a P/E ratio of 25.19, a PEG ratio of 0.73 and a beta of 0.70. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Tencent Music Entertainment Group

Several large investors have recently made changes to their positions in TME. Burgundy Asset Management Ltd. lifted its stake in Tencent Music Entertainment Group by 30.3% during the fourth quarter. Burgundy Asset Management Ltd. now owns 41,980 shares of the company's stock valued at $476,000 after purchasing an additional 9,755 shares during the last quarter. Vise Technologies Inc. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter valued at $169,000. Vident Advisory LLC boosted its stake in shares of Tencent Music Entertainment Group by 23.0% during the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock worth $214,000 after acquiring an additional 3,538 shares in the last quarter. Toronto Dominion Bank bought a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth $286,000. Finally, Quantinno Capital Management LP grew its holdings in shares of Tencent Music Entertainment Group by 31.9% in the 4th quarter. Quantinno Capital Management LP now owns 29,113 shares of the company's stock worth $330,000 after acquiring an additional 7,033 shares during the last quarter. Institutional investors own 24.32% 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; 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.