As this happened, 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 -5.02% to $12.50. Over the last five days, the stock has gained 1.63%. Tencent Music Entertainment Group ADR shares have risen nearly 38.73% since the year began. Nevertheless, the stocks have risen 52.07% over the past one year. While a 52-week high of $15.77 was reached on 05/16/24, a 52-week low of $8.13 was recorded on 01/22/24. SMA at 50 days reached $11.90, while 200 days put it at $12.34.
Levels Of Support And Resistance For TME Stock
The 24-hour chart illustrates a support level at 12.27, which if violated will result in even more drops to 12.05. On the upside, there is a resistance level at 12.83. A further resistance level may holdings at 13.17. The Relative Strength Index (RSI) on the 14-day chart is 58.36, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.82, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 47.60%. Stochastics %K at 74.63% 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 2024-11-29, dropping by -1.52 million shares to a total of 18.75 million shares. Yahoo Finance data shows the prior-month short interest on 2024-10-31 was 20.27 million shares. There was a decline of -8.08%, which implies that there is a negative sentiment for the stock.
