As this happened, Bernstein initiated its Tencent Music Entertainment Group ADR [TME] rating to an Outperform in a research note published on November 04, 2024; the price target was $14. A number of analysts have revised their coverage, including Morgan Stanley’s analysts, who decreased its forecast for the stock in late September from “an Overweight” to “an Equal-weight”. Daiwa Securities also remained covering TME and has decreased its forecast on August 13, 2024 with a “Neutral” recommendation from previously “an Outperform” rating. Goldman 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 4.17% to $11.73. Over the last five days, the stock has gained 1.47%. Tencent Music Entertainment Group ADR shares have risen nearly 30.19% since the year began. Nevertheless, the stocks have risen 56.61% over the past one year. While a 52-week high of $15.77 was reached on 05/16/24, a 52-week low of $6.76 was recorded on 01/22/24. SMA at 50 days reached $11.32, while 200 days put it at $12.10.
Levels Of Support And Resistance For TME Stock
The 24-hour chart illustrates a support level at 11.58, which if violated will result in even more drops to 11.43. On the upside, there is a resistance level at 11.84. A further resistance level may holdings at 11.96. The Relative Strength Index (RSI) on the 14-day chart is 50.73, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.18, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 33.98%. Stochastics %K at 29.02% indicates the stock is a holding.
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 2024-10-15, dropping by -1.67 million shares to a total of 22.57 million shares. Yahoo Finance data shows the prior-month short interest on 2024-09-13 was 24.24 million shares. There was a decline of -7.38%, which implies that there is a negative sentiment for the stock.
