Do Analysts Think Tencent Music Entertainment Group ADR (TME) Is Still Worth Buying In 2024?

Tencent Music Entertainment Group ADR (NYSE:TME) does about 7.85M shares in volume on a normal day but saw 20672675 shares change hands in Monday’s trading. The company now has a market cap of 10.36B USD. Its current market price is $14.80, marking an increase of 10.94% compared to the previous close of $13.34. The 52 week high reached by this stock is $13.66 whilst the lowest price level in 52 weeks is $5.70.

Tencent Music Entertainment Group ADR (TME) has a 20-day trading average at $12.69 and the current price is 8.35% off the 52-week high compared with 159.65% distance from its 52-week low. The 50-day simple moving average of the closing price is $11.65 and its 200-day simple moving average is $8.79. If we look at the stock’s price movements over the week, volatility stands at 3.56%, which decreases to 3.18% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 78.04 to suggest the stock is overbought.

The consensus objective for the share price is $13.36, suggesting that the stock has a potential downside of -10.78% over the period.

The company shares received a number of brokerage firm price updates over the past month, with the latest being on March 20, 2024 when Goldman upgraded the stock to “Buy” and issued a price target of $14. Citigroup also upgraded the stock to “Buy” from Neutral on March 20, 2024 at a price target of $9-$13. Redburn Atlantic initiated its price target at $12.

Tencent Music Entertainment Group ADR (TME) stock is up 9.06% over the week and 30.17% over the past month. Its price is 64.26% year-to-date and 98.13% over the past year.

To reach the target analysts have set, the stock logically needs to shrink -10.78 percent from here.

The company has a return on investment of 7.97% and return on equity of 9.38%. The price to earnings ratio (P/E ratio) amounts to 33.47 while the forward price to earnings ratio is 21.96. The beta has a value of 0.69. Price to book ratio is 1.31 and price to sales ratio is 2.64.