Following these proceedings, Morgan Stanley downgraded its Tencent Music Entertainment Group ADR [TME] rating to an Equal-weight from a an Overweight in a research note published recently. A number of analysts have revised their coverage, including Daiwa Securities’s analysts, who decreased its forecast for the stock in mid August from “an Outperform” to “a Neutral”. Goldman also remained covering TME and has increased its forecast on March 20, 2024 with a “Buy” recommendation from previously “Neutral” rating. Citigroup revised its rating on March 20, 2024. It rated TME as “a Buy” which previously was an “a Neutral”.
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Price Performance Review of TME
On Tuesday, Tencent Music Entertainment Group ADR [NYSE:TME] saw its stock jump 0.25% to $11.80. Over the last five days, the stock has lost -3.67%. Tencent Music Entertainment Group ADR shares have risen nearly 30.97% since the year began. Nevertheless, the stocks have risen 77.44% over the past one year. While a 52-week high of $15.77 was reached on 05/16/24, a 52-week low of $6.55 was recorded on 01/22/24. SMA at 50 days reached $11.16, while 200 days put it at $11.97.
Levels Of Support And Resistance For TME Stock
The 24-hour chart illustrates a support level at 11.54, which if violated will result in even more drops to 11.28. On the upside, there is a resistance level at 12.01. A further resistance level may holdings at 12.21. The Relative Strength Index (RSI) on the 14-day chart is 48.11, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.67, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 87.52%. Stochastics %K at 11.49% indicates the stock is a buying.
How much short interest is there in Tencent Music Entertainment Group ADR?
A steep rise in short interest was recorded in Tencent Music Entertainment Group ADR stocks on 2024-09-30, dropping by -1.63 million shares to a total of 25.01 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-30 was 26.64 million shares. There was a decline of -6.51%, which implies that there is a negative sentiment for the stock.
The most recent change occurred on February 05, 2024 when Redburn Atlantic began covering the stock and recommended ‘”a Buy”‘ rating along with a $12 price target.
