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

Tencent Holding Ltd. (OTCMKTS:TCEHY)’s stock price gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TCEHY. Barclays reduced their price objective on shares of Tencent from $106.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday. Zacks Research raised shares of Tencent from a “strong sell” rating to a “hold” rating in a report on Thursday, September 24th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Tencent currently has a consensus rating of “Hold” and a consensus price target of $88.00.

Tencent Stock Down 3.7%

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

Institutional Investors Weigh In On Tencent

An institutional investor recently bought a new position in Tencent stock. Raiffeisen Bank International AG acquired a new position in shares of Tencent Holding Ltd. (OTCMKTS:TCEHY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 259,080 shares of the technology company’s stock, valued at approximately $13,897,000. Institutional investors own 0.02% of the company’s stock.

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.