Tencent Music Entertainment Group (NYSE:TME) is a stock to watch today. At current price of $13.15, the shares have already lost -0.33 points (-2.45% lower) from its previous close of $13.48. The stock sets an active trading volume day with a reported 2914988 contracts so far this session. TME shares had a relatively better volume day versus average trading capacity of 7.27 million shares, but with a 0.3 billion float and a -2.6% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TME stock indicates that the average analyst price target is $15.71 per share. This means the stock has a potential increase of 19.47% from where the TME share price has been trading recently.
During the recent trading session for Tencent Music Entertainment Group (NYSE:TME), the company witnessed their stock drop by $-0.42 over a week and tumble down $-0.79 from the price 20 days ago. When compared to their established 52-week high of $19.97, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 03/19/19. The recent low of $11.27 stood for a -34.15% since 12/16/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Tencent Music Entertainment Group, the two-week RSI stands at 49.71. This figure suggests that TME stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current TME readings is similarly very revealing as it has a stochastic reading of 60.77% at this stage. This figure means that TME share price today is being neutral.
Technical chart claims that Tencent Music Entertainment Group (TME) would settle between $13.71/share to $13.95/share level. However, if the stock price goes below the $13.23 mark, then the market for Tencent Music Entertainment Group becomes much weaker. If that happens, the stock price might even plunge as low as $12.99 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.07. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Jefferies, assumed coverage of TME assigning Buy rating, according to their opinion released on August 05. Loop Capital, analysts launched coverage of Tencent Music Entertainment Group (NYSE:TME) stock with a Buy recommendation, according to their flash note issued to investors on June 04. Analysts at Credit Suisse lowered the stock to a Neutral call from its previous Outperform recommendation, in a research note that dated back to March 21.
TME equity has an average rating of 2.14, with the figure leaning towards a bullish end. 22 analysts who tracked the company were contacted by Reuters. Amongst them, 8 rated the stock as a hold while the remaining 14 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 14 analysts rated Tencent Music Entertainment Group (NYSE:TME) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, TME stock price is currently trading at 27.74X forward 12-month Consensus EPS estimates, and its P/E ratio is 74.4 while for the average stock in the same group, the multiple is 36.6. Tencent Music Entertainment Group current P/B ratio of 3.7 means it is trading at a discount against its industry’s 5.5.
Tencent Music Entertainment Group (TME)’s current-quarter revenues are projected to climb by nearly 27.8% to hit $998360, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 29.6% from $2.75 billion to a noteworthy $3.56 billion. At the other end of the current quarter income statement, Tencent Music Entertainment Group is expected to see its adjusted earnings surge by roughly 25% to hit $0.1 per share. For the fiscal year, TME’s earnings are projected to climb by roughly 5.3% to hit $0.4 per share.