Tencent Music Entertainment Group – (NYSE:TME) Short Interest Update

Tencent Music Entertainment Group – (NYSE:TME) saw a significant decrease in short interest in June. As of June 30th, there was short interest totalling 38,882,800 shares, a decrease of 10.2% from the May 30th total of 43,294,500 shares. Approximately 13.2% of the shares of the stock are short sold. Based on an average daily volume of 6,040,000 shares, the days-to-cover ratio is currently 6.4 days.

TME has been the topic of a number of recent analyst reports. CICC Research downgraded Bank of East Asia from a “hold” rating to a “sell” rating in a research report on Thursday, June 13th. China International Capital upgraded JD.Com to a “buy” rating in a research report on Monday, May 13th. China Renaissance Securities began coverage on Tencent Music Entertainment Group in a research report on Monday, May 13th. They issued a “hold” rating on the stock. Zacks Investment Research downgraded Horiba from a “hold” rating to a “sell” rating in a research report on Wednesday, May 22nd. Finally, Loop Capital began coverage on Uber Technologies in a research report on Tuesday, June 4th. They issued a “buy” rating on the stock. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Tencent Music Entertainment Group has an average rating of “Buy” and an average price target of $16.38.

NYSE:TME opened at $15.71 on Friday. Tencent Music Entertainment Group has a one year low of $11.81 and a one year high of $19.97. The firm has a market capitalization of $25.69 billion and a PE ratio of 78.55. The firm has a 50 day moving average of $14.41.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Monday, May 13th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $855.00 million during the quarter, compared to analyst estimates of $861.27 million. Research analysts anticipate that Tencent Music Entertainment Group will post 0.36 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of TME. Baillie Gifford & Co. acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $108,352,000. Segantii Capital Management Ltd increased its holdings in shares of Tencent Music Entertainment Group by 1,624,202.9% in the first quarter. Segantii Capital Management Ltd now owns 5,019,096 shares of the company’s stock valued at $90,846,000 after purchasing an additional 5,018,787 shares during the last quarter. William Blair Investment Management LLC increased its holdings in shares of Tencent Music Entertainment Group by 271.3% in the first quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock valued at $100,065,000 after purchasing an additional 4,039,589 shares during the last quarter. Coatue Management LLC acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $32,753,000. Finally, Temasek Holdings Private Ltd acquired a new stake in shares of Tencent Music Entertainment Group in the fourth quarter valued at approximately $32,753,000. 5.72% of the stock is owned by hedge funds and other institutional investors.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

Featured Article: What is the Russell 2000 Index?

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.