Tencent Music Entertainment Group (NYSE:TME) Short Interest Down 14.8% in December

Tencent Music Entertainment Group (NYSE:TME) saw a significant decline in short interest during the month of 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 shares are short sold. Based on an average daily volume of 6,780,000 shares, the days-to-cover ratio is currently 2.4 days.

Tencent Music Entertainment Group Trading Down 0.9 %

Shares of TME stock traded down $0.10 during trading hours on Thursday, hitting $10.41. 5,445,661 shares of the company were exchanged, compared to its average volume of 7,447,516. The company has a 50 day simple moving average of $11.50 and a two-hundred day simple moving average of $11.97. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a fifty-two week low of $8.19 and a fifty-two week high of $15.77.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Tencent Music Entertainment Group

Large investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $64,000. Avior Wealth Management LLC increased its position 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 valued at $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 3rd quarter worth approximately $147,000. DRW Securities LLC bought a new position in Tencent Music Entertainment Group in the third quarter worth approximately $169,000. Finally, Diversify Advisory Services LLC acquired a new stake in Tencent Music Entertainment Group in the third quarter valued at approximately $166,000. 24.32% of the stock is currently owned by institutional investors and hedge funds.

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.