Tencent Music Entertainment Group (NYSE: TME)’S Stock Falls -1.56%, But It May Be Worth Investing In

Tencent Music Entertainment Group (NYSE:TME) price closed lower on Friday, September 02, dropping -1.56% below its previous close.

A look at the daily price movement shows that the last close reads $5.14, with intraday deals fluctuated between $4.92 and $5.13. The company’s 5Y monthly beta was ticking 0.71 while its P/E ratio in the trailing 12-month period read 21.00. Taking into account the 52-week price action we note that the stock hit a 52-week high of $9.53 and 52-week low of $2.95. The stock added 18.78% on its value in the past month.

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Tencent Music Entertainment Group, which has a market valuation of $8.71 billion, is expected to release its quarterly earnings report Nov 07, 2022 – Nov 11, 2022. Analysts tracking TME have forecast the quarterly EPS to grow by 0.07 per share this quarter, while the same analysts predict the annual EPS to hit $0.35 for the year 2022 and up to $0.39 for 2022. In this case, analysts estimate an annual EPS growth of -23.90% for the year and 11.40% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $1.23 billion, with the likely lows of $1.17 billion and highs of $1.36 billion. The average estimate suggests sales growth for the quarter will likely rise by 5.40% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $4.95 billion for the company’s annual revenue in 2021. Per this projection, the revenue is forecast to grow 9.10% above that which the company brought in 2021.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with 1 upward and no downward reviews. On the technical perspective front, indicators give TME a short term outlook of 50% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a Hold, while an average of long term indicators are currently assigning the stock as Hold.

Here is a look at the average analyst rating for the stock as represented on a scale of 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock is strong buy or strong sell respectively. Specifically, 29 analysts have assigned TME a recommendation rating as follows: 13 rate it as a Hold; 11 advise Buy while 3 analyst(s) assign an Overweight rating. 0 analyst(s) have tagged the Tencent Music Entertainment Group (TME) stock as Underweight, with 2 recommending Sell. In general, analysts have rated the stock Overweight, a scenario likely to bolster investors out for an opportunity to add to their holdings of the company’s shares.

The overview shows that TME’s price is at present 9.61% off the SMA20 and 9.59% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 60.54, with weekly volatility standing at 5.94%. The indicator jumps to 6.49% when calculated based on the past 30 days. Tencent Music Entertainment Group (NYSE:TME)’s beta value is holding at 0.59, while the average true range (ATR) indicator is currently reading 0.30. Considering analysts have assigned the stock a price target range of $3.60-$8.00 as the low and high respectively, we find the trailing 12-month average consensus price target to be $5.83. Based on this estimate, we see that current price is roughly 28.85% off the estimated low and -58.1% off the forecast high. Investors will no doubt be excited to see the share price fall to $5.40, which is the median consensus price, and at that level TME would be -6.72% from current price.

An analysis of the Tencent Music Entertainment Group (NYSE:TME) stock in terms of its daily trading volume indicates that the 3-month average is 12.19 million. However, this figure increases on the past 10-day timeline to an average of 11.46 million.

Current records show that the company has 1.61B in outstanding shares. The insiders’ percentage holdings are 5.61% of outstanding shares while the percentage share held by institutions stands at 49.30%. The stats also highlight that short interest as of Aug 14, 2022, stood at 31.39 million shares, which puts the short ratio at the time at 3.67. From this we can glean that short interest is 1.85% of company’s current outstanding shares. Notably, we see that shares short in August rose slightly given the previous month’s figure stood at 30.1 million. But the -26.13% downside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.