Tencent Music Entertainment Group (NYSE:TME) Sees Significant Decrease in Short Interest

Tencent Music Entertainment Group (NYSE:TME) was the target of a significant decline in short interest in December. As of December 31st, there was short interest totalling 16,300,000 shares, a decline of 14.8% from the December 15th total of 19,140,000 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average trading volume of 6,780,000 shares, the short-interest ratio is currently 2.4 days.

Tencent Music Entertainment Group Stock Up 3.7 %

NYSE TME traded up $0.39 on Friday, hitting $10.79. The company had a trading volume of 7,566,338 shares, compared to its average volume of 4,934,547. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 12-month low of $8.19 and a 12-month high of $15.77. The company’s fifty day moving average price is $11.46 and its 200-day moving average price is $11.93.

Institutional Investors Weigh In On Tencent Music Entertainment Group

A number of hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at about $64,000. Avior Wealth Management LLC lifted its position in 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 worth $68,000 after buying an additional 4,071 shares in the last quarter. Caprock Group LLC acquired a new position in Tencent Music Entertainment Group during the third quarter worth $147,000. Diversify Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group in the 3rd quarter valued at $166,000. Finally, DRW Securities LLC acquired a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth $169,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TME shares. Sanford C. Bernstein assumed coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Barclays assumed coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Finally, Morgan Stanley downgraded 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 report on Wednesday, September 25th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

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.