Tencent Music Entertainment Group (NYSE:TME) Shares Gap Up – Still a Buy?

Tencent Music Entertainment Group (NYSE:TME) gapped up prior to trading on Tuesday . The stock had previously closed at $13.06, but opened at $14.19. Tencent Music Entertainment Group shares last traded at $13.99, with a volume of 7,830,362 shares trading hands.

Wall Street Analyst Weigh In

Separately, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Up 10.2 %

The stock has a 50 day moving average of $12.13 and a 200-day moving average of $11.71. The firm has a market capitalization of $24.69 billion, a P/E ratio of 26.61, a PEG ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Institutional Investors Weigh In On Tencent Music Entertainment Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at about $64,000. Avior Wealth Management LLC increased its position in shares of Tencent Music Entertainment Group by 253.8% during the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after buying an additional 4,071 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $110,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at about $114,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Tencent Music Entertainment Group by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after buying an additional 1,094 shares during the period. 24.32% of the stock is currently owned by 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.