Tencent Music Entertainment Group [NYSE: TME] loss -2.21% or -0.18 points to close at $7.95 with a heavy trading volume of 6444923 shares. The company report on February 20, 2023 that Tencent Music Entertainment Group to Report Fourth Quarter and Full Year 2022 Financial Results on March 21, 2023 Eastern Time.
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Tencent Music Entertainment Group (“TME”, or the “Company”) (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced that it will report its unaudited financial results for the fourth quarter and full year of 2022 before the U.S. market opens on Tuesday, March 21, 2023.
TME’s management will host a Tencent Meeting Webinar on Tuesday, March 21, 2023, at 7:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time on Tuesday, March 21, 2023, to review and discuss the Company’s business and financial performance.
It opened the trading session at $8.09, the shares rose to $8.16 and dropped to $7.915, the range by which the price of stock traded the whole day. The daily chart for TME points out that the company has recorded 54.67% gains over the past six months. However, it is still -169.49% lower than its most recent low trading price.
If we look at the average trading volume of 9.69M shares, TME reached to a volume of 6444923 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Tencent Music Entertainment Group [TME]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TME shares is $8.86 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TME stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
JP Morgan have made an estimate for Tencent Music Entertainment Group shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 30, 2023. While these analysts kept the previous recommendation, Daiwa Securities raised their target price to Buy. The new note on the price target was released on January 13, 2023, representing the official price target for Tencent Music Entertainment Group stock. Previously, the target price had yet another raise to $8, while Goldman analysts kept a Neutral rating on TME stock. On December 01, 2022, analysts increased their price target for TME shares from 4.50 to 8.50.
The Average True Range (ATR) for Tencent Music Entertainment Group is set at 0.38, with the Price to Sales ratio for TME stock in the period of the last 12 months amounting to 3.28. The Price to Book ratio for the last quarter was 1.85, with the Price to Cash per share for the same quarter was set at 1.61. Price to Free Cash Flow for TME in the course of the last twelve months was 16.11 with Quick ratio for the last quarter at 2.10.
Trading performance analysis for TME stock
Tencent Music Entertainment Group [TME] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.65. With this latest performance, TME shares dropped by -10.57% in over the last four-week period, additionally plugging by 54.67% over the last 6 months – not to mention a rise of 64.94% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TME stock in for the last two-week period is set at 47.12, with the RSI for the last a single of trading hit 46.99, and the three-weeks RSI is set at 48.66 for Tencent Music Entertainment Group [TME]. The present Moving Average for the last 50 days of trading for this stock 8.36, while it was recorded at 7.96 for the last single week of trading, and 5.69 for the last 200 days.
Tencent Music Entertainment Group [TME]: A deeper dive into fundamental analysis
Tencent Music Entertainment Group’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.10.
Tencent Music Entertainment Group [TME]: An earnings per share (EPS) analysis
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TME. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Tencent Music Entertainment Group go to 4.38%.
An analysis of insider ownership at Tencent Music Entertainment Group [TME]
118 institutional holders increased their position in Tencent Music Entertainment Group [NYSE:TME] by around 71,089,217 shares. Additionally, 122 investors decreased positions by around 42,669,235 shares, while 32 investors held positions by with 288,203,144 shares. The mentioned changes placed institutional holdings at 401,961,596 shares, according to the latest SEC report filing. TME stock had 45 new institutional investments in for a total of 18,237,104 shares, while 32 institutional investors sold positions of 6,822,442 shares during the same period.