Investing in Tencent Music Entertainment Group (TME): What You Must Know


Meanwhile, Daiwa Securities initiated its Tencent Music Entertainment Group [TME] rating to a Buy in a research note published on Tuesday. A number of analysts have revised their coverage, including Goldman’s analysts, who increased its forecast for the stock in early January from “a Sell” to “a Neutral”. Morgan Stanley also remained covering TME and has increased its forecast on December 01, 2022 with a “an Overweight” recommendation from previously “an Equal-weight” rating. JP Morgan revised its rating on November 21, 2022. It rated TME as “an Overweight” which previously was an “a Neutral”.

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Price Performance Review of TME

On Tuesday, Tencent Music Entertainment Group [NYSE:TME] saw its stock jump 0.94% to $8.56. On the same session, the stock had its day’s lowest price of $8.36, but rose to a high of $8.64. Over the last five days, the stock has gained 0.82%. Tencent Music Entertainment Group shares have risen nearly 3.38% since the year began. Nevertheless, the stocks have risen 33.96% over the past one year. While a 52-week high of $9.29 was reached on 01/04/23, a 52-week low of $2.95 was recorded on 01/19/23. SMA at 50 days reached $7.47, while 200 days put it at $5.14. A total of 3.4 million shares were traded, compared to the trading of 7.11 million shares in the previous session.

Levels Of Support And Resistance For TME Stock

The 24-hour chart illustrates a support level at 8.40, which if violated will result in even more drops to 8.24. On the upside, there is a resistance level at 8.68. A further resistance level may holdings at 8.80. The Relative Strength Index (RSI) on the 14-day chart is 56.09, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.15, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 57.48%. Stochastics %K at 35.43% indicates the stock is a holding.

How much short interest is there in Tencent Music Entertainment Group?

A steep rise in short interest was recorded in Tencent Music Entertainment Group stocks on Oct 13, 2022, growing by 0.35 million shares to a total of 30.18 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 29.83 million shares. There was a rise of 1.16%, which implies that there is a positive sentiment for the stock.

Tencent Music Entertainment Group [TME] – Who Are The Largest Shareholders?

In filings from Canada Pension Plan Investment Bo, it is revealed that the company now owns 36,993,022 shares, or roughly 4.31% of the outstanding TME shares. Additionally, Baillie Gifford & Co. increased 1.02% of its stake after which the total value it holdings stand at $260,073,997, while BlackRock Fund Advisors added 4.14% of its stake to hold $176.96 million in the firm. Over the last quarter, Krane Funds Advisors LLC sold -2,403,505 shares of Tencent Music Entertainment Group, while The Vanguard Group, Inc. sold 141,216 shares. At present, SSgA Funds Management, Inc. is holding 12,153,915 shares valued at $100.63 million. Allspring Global Investments LLC owned 11,126,098 shares of the company at the time of its most recent 13F filing, worth $92.12 million.

According to FactSet, Tencent Music Entertainment Group’s share price will average $57.84 in the next year, based on opinions of analysts polled by the firm. This is up nearly 625.59 percent from its previous closing price of $8.48. Analysts expect Tencent Music Entertainment Group stock to reach the higher price of $74.54, while the lowest price estimate is $31.86. However, 29 analysts have rated TME stock as an Overweight in their predictions for 2023.


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