Taking this into account, Barclays initiated its Tencent Music Entertainment Group ADR [TME] rating to an Overweight in a research note published on November 06, 2024; the price target was $16. A number of analysts have revised their coverage, including Bernstein’s analysts, who began to cover the stock in early November with a ‘”an Outperform”‘ rating. Morgan Stanley also remained covering TME and has decreased its forecast on September 25, 2024 with a “an Equal-weight” recommendation from previously “an Overweight” rating. Daiwa Securities revised its rating on August 13, 2024. It rated TME as “a Neutral” which previously was an “an Outperform”.
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Price Performance Review of TME
On Tuesday, Tencent Music Entertainment Group ADR [NYSE:TME] saw its stock fall -5.45% to $10.92. Over the last five days, the stock has lost -6.91%. Tencent Music Entertainment Group ADR shares have risen nearly 21.20% since the year began. Nevertheless, the stocks have risen 48.17% 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 $11.42, while 200 days put it at $12.16.
Levels Of Support And Resistance For TME Stock
The 24-hour chart illustrates a support level at 10.49, which if violated will result in even more drops to 10.05. On the upside, there is a resistance level at 11.23. A further resistance level may holdings at 11.53. The Relative Strength Index (RSI) on the 14-day chart is 40.26, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.16, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 68.00%. Stochastics %K at 37.08% 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.
