Tencent Music Entertainment Group (NYSE:TME) Stock Price Down 5.5% – Time to Sell?

Shares of Tencent Music Entertainment Group (NYSE:TME) were down 5.5% on Tuesday . The company traded as low as $12.44 and last traded at $12.44. Approximately 1,112,793 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 8,514,325 shares. The stock had previously closed at $13.16.

Wall Street Analysts Forecast Growth

TME has been the subject of several recent research reports. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 13th. Barclays started coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target on the stock. Bank of America decreased their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Benchmark reduced their target price on Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

The company has a market capitalization of $21.40 billion, a P/E ratio of 24.38, a P/E/G ratio of 0.95 and a beta of 0.68. 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’s fifty day moving average is $11.88 and its 200 day moving average is $12.52.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $37,000. Tobam raised its stake in Tencent Music Entertainment Group by 37.7% in the second quarter. Tobam now owns 3,498 shares of the company’s stock valued at $49,000 after purchasing an additional 957 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group during the third quarter valued at approximately $64,000. Avior Wealth Management LLC grew its stake in Tencent Music Entertainment Group by 253.8% in the 3rd quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock worth $68,000 after buying an additional 4,071 shares in the last quarter. Finally, Caprock Group LLC purchased a new position in Tencent Music Entertainment Group in the 3rd quarter worth approximately $147,000. 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.