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Is a Correction Looming Ahead for Tencent Music Entertainment Group (TME)

Tencent Music Entertainment Group (NYSE:TME) went down by -1.63% from its latest closing price compared to the recent 1-year high of $9.10. The company’s stock price has collected -12.42% of loss in the last five trading sessions. Barron’s reported on 03/22/22 that Tencent Music’s Stock Is Soaring. Thanks, Alibaba.

Is It Worth Investing in Tencent Music Entertainment Group (NYSE :TME) Right Now?

Tencent Music Entertainment Group (NYSE:TME) scored a price-to-earnings ratio above its average ratio, recording 17.77 x from its present earnings ratio. Plus, the 36-month beta value for TME is at 0.60.

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TME currently public float of 790.36M and currently shorts hold a 3.69% ratio of that float. Today, the average trading volume of TME was 10.54M shares.

TME’s Market Performance

TME stocks went down by -12.42% for the week, with a monthly drop of -3.86% and a quarterly performance of -11.69%, while its annual performance rate touched -43.15%. The volatility ratio for the week stands at 4.60% while the volatility levels for the past 30 days are set at 5.71% for Tencent Music Entertainment Group. The simple moving average for the period of the last 20 days is -11.94% for TME stocks with a simple moving average of -16.03% for the last 200 days.

Analysts’ Opinion of TME

Many brokerage firms have already submitted their reports for TME stocks, with Goldman repeating the rating for TME by listing it as a “Sell.” The predicted price for TME in the upcoming period, according to Goldman is $5.60 based on the research report published on April 11th of the current year 2022.

Goldman, on the other hand, stated in their research note that they expect to see TME reach a price target of $5.70, previously predicting the price at $7.70. The rating they have provided for TME stocks is “Sell” according to the report published on February 18th, 2022.

China Renaissance gave a rating of “Hold” to TME, setting the target price at $7.30 in the report published on January 20th of the current year.

TME Trading at -7.25% from the 50-Day Moving Average

After a stumble in the market that brought TME to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -53.52% of loss for the given period.

Volatility was left at 5.71%, however, over the last 30 days, the volatility rate increased by 4.60%, as shares sank -10.57% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -4.73% lower at present.

During the last 5 trading sessions, TME fell by -12.42%, which changed the moving average for the period of 200-days by -31.55% in comparison to the 20-day moving average, which settled at $4.78. In addition, Tencent Music Entertainment Group saw -38.25% in overturn over a single year, with a tendency to cut further losses.

Stock Fundamentals for TME

Equity return is now at value 5.60, with 4.10 for asset returns.

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