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Tencent Music Entertainment Group (NYSE: TME): Making Its Way Up The Stock Market

Tencent Music Entertainment Group (NYSE:TME) shares, rose in value on Friday, May 26, with the stock price up by 1.72% to the previous day’s close as strong demand from buyers drove the stock to $7.39.

Actively observing the price movement in the recent trading, the stock is buoying the session at $7.27, falling within a range of $7.26 and $7.485. The value of beta (5-year monthly) is 0.80 whereas the PE ratio is 19.39 over 12-month period. Referring to stock’s 52-week performance, its high was $9.29, and the low was $3.14. On the whole, TME has fluctuated by 1.30% over the past month.

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With the market capitalization of Tencent Music Entertainment Group currently standing at about $12.78 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 14, 2023 – Aug 18, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.14, which is expected to increase to $0.15 for fiscal year $0.55 and then to about $0.59 by fiscal year 2024. Data indicates that the EPS growth is expected to be 31.00% in 2024, while the next year’s EPS growth is forecast to be 7.30%.

Analysts have estimated the company’s revenue for the quarter at $1.05 billion, with a low estimate of $1.04 billion and a high estimate of $1.06 billion. According to the average forecast, sales growth in current quarter could jump up 9.30%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $4.25 billion, representing an increase of 5.00% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that TME’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a 50% Buy.

The stock’s technical analysis shows that the PEG ratio is about 1.54, with the price of TME currently trading nearly -0.62% and -2.68% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 47.83, while the 7-day volatility ratio is showing 4.47% which for the 30-day chart, stands at 4.76%. Furthermore, Tencent Music Entertainment Group (TME)’s beta value is 0.78, and its average true range (ATR) is 0.38.

Data on historical trading for Tencent Music Entertainment Group (NYSE:TME) indicates that the trading volumes over the past 10 days have averaged 7.72 million and over the past 3 months, they’ve averaged 6.16 million. According to company’s latest data on outstanding shares, there are 1.56 billion shares outstanding.

Tencent Music Entertainment Group’s shares belong to company insiders and institutional investors own 47.60% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 20.23 million shares as on May 14, 2023, resulting in a short ratio of 4.08. According to the data, the short interest in Tencent Music Entertainment Group (TME) stood at 1.18% of shares outstanding as of May 14, 2023; the number of short shares registered in Apr 13, 2023 reached 19.12 million. The stock has fallen by -10.69% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the TME stock heading into the next quarter.

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