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

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

Tencent Music Entertainment Group Price Performance

TME stock traded up $0.39 during trading on Friday, hitting $10.79. 7,566,338 shares of the company traded hands, compared to its average volume of 4,934,547. The company has a 50-day moving average of $11.46 and a 200-day moving average of $11.93. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1 year low of $8.19 and a 1 year high of $15.77.

Wall Street Analysts Forecast Growth

TME has been the topic of a number of recent analyst reports. Sanford C. Bernstein began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price on the stock. Barclays started coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective on the stock. Finally, Morgan Stanley lowered shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.28.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TME. Wilmington Savings Fund Society FSB bought a new position in Tencent Music Entertainment Group during the 3rd quarter valued at approximately $64,000. Avior Wealth Management LLC raised its holdings 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 acquiring an additional 4,071 shares in the last quarter. Caprock Group LLC bought a new position in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $147,000. Diversify Advisory Services LLC bought a new stake in Tencent Music Entertainment Group in the third quarter valued at $166,000. Finally, DRW Securities LLC purchased a new position in Tencent Music Entertainment Group during the 3rd quarter valued at $169,000. 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.