Tencent (OTCMKTS:TCEHY) Shares Gap Down – What’s Next?

Shares of Tencent Holding Ltd. (OTCMKTS:TCEHY) gapped down before the market opened on Wednesday. The stock had previously closed at $52.50, but opened at $50.51. Tencent shares last traded at $50.3998, with a volume of 854,649 shares.

Analyst Ratings Changes

Several equities analysts recently issued reports on TCEHY shares. Zacks Research upgraded Tencent from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 24th. Barclays reduced their price objective on Tencent from $106.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.00.

Tencent Stock Performance

The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average of $55.30 and a 200 day moving average of $57.87. The stock has a market capitalization of $459.90 billion, a P/E ratio of 13.86 and a beta of 0.25.

Hedge Funds Weigh In On Tencent

An institutional investor recently bought a new position in Tencent stock. Raiffeisen Bank International AG bought a new stake in shares of Tencent Holding Ltd. (OTCMKTS:TCEHY) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 259,080 shares of the technology company’s stock, valued at approximately $13,897,000. 0.02% of the stock is currently owned by institutional investors and hedge funds.

About Tencent

Tencent Holdings Ltd. is a Chinese technology and internet company founded in 1998 and headquartered in Shenzhen, China. The company develops and operates digital platforms and services used by consumers, businesses and content creators in China and international markets.

Tencent’s major products include Weixin, known as WeChat internationally, a messaging and social platform that also supports payments, commerce, mini programs and other services, as well as QQ, an instant-messaging and social-media platform.