Tencent Music Entertainment Group (NYSE:TME – Get Rating)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $8.39, but opened at $8.70. Tencent Music Entertainment Group shares last traded at $8.79, with a volume of 1,399,030 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday. They issued an "overweight" rating for the company. 86 Research cut shares of Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research report on Thursday, January 19th. Daiwa Capital Markets assumed coverage on Tencent Music Entertainment Group in a research report on Friday, January 13th. They issued a "buy" rating on the stock. Benchmark upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating and set a $7.00 target price for the company in a research report on Wednesday, November 16th. Finally, The Goldman Sachs Group raised Tencent Music Entertainment Group from a "sell" rating to a "neutral" rating and upped their price target for the company from $5.00 to $8.00 in a research note on Monday, January 9th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $7.02.

Tencent Music Entertainment Group Stock Up 3.3 %

The business's fifty day simple moving average is $8.02 and its 200 day simple moving average is $5.68. The stock has a market cap of $14.70 billion, a price-to-earnings ratio of 29.96, a price-to-earnings-growth ratio of 0.72 and a beta of 0.79. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TME. Federated Hermes Inc. increased its stake in Tencent Music Entertainment Group by 436.7% in the first quarter. Federated Hermes Inc. now owns 6,735,840 shares of the company's stock valued at $32,804,000 after purchasing an additional 5,480,718 shares in the last quarter. Invesco Ltd. lifted its holdings in Tencent Music Entertainment Group by 75.0% during the first quarter. Invesco Ltd. now owns 11,245,066 shares of the company's stock worth $54,762,000 after acquiring an additional 4,818,787 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Tencent Music Entertainment Group by 22.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 10,703,046 shares of the company's stock worth $53,729,000 after acquiring an additional 1,988,646 shares in the last quarter. 1832 Asset Management L.P. grew its stake in Tencent Music Entertainment Group by 420.4% in the first quarter. 1832 Asset Management L.P. now owns 2,272,494 shares of the company's stock valued at $10,915,000 after acquiring an additional 1,835,852 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Tencent Music Entertainment Group by 23.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,292,124 shares of the company's stock valued at $45,279,000 after purchasing an additional 1,789,566 shares in the last quarter. Institutional investors own 21.77% of the company's stock.

Tencent Music Entertainment Group Company Profile

(Get Rating)

Tencent Music Entertainment Group is a holding company, which engages in the operation of an online music and audio entertainment platform. Its platform is composed of online music, online audio, online karaoke, music-centric live streaming, and online concert services. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.

Recommended Stories

• Get a free copy of the StockNews.com research report on Tencent Music Entertainment Group (TME)
• Old Dominion Freight Line Driving To New Highs
• AMD Results Are No Reason To Buy Semiconductors... Yet
• Institutions are Buying up Procter & Gamble Shares, Should you?
• How Do Lawsuits Affect Johnson & Johnson's Stock Price?
• Has The Salesforce Turnaround Begun?

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.