Tencent (OTCMKTS:TCEHY) Share Price Breaks Above 50-Day Moving Average – Time to Sell?

Tencent Holding Ltd. (OTCMKTS:TCEHY) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $53.72 and traded as high as $54.90. Tencent shares last traded at $54.13, with a volume of 6,630,034 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TCEHY. Zacks Research upgraded shares of Tencent from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 24th. Barclays cut their price objective on shares of Tencent from $106.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Tencent currently has a consensus rating of “Hold” and a consensus target price of $88.00.

Tencent Price Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The company has a 50-day moving average price of $53.72 and a 200-day moving average price of $60.31. The firm has a market capitalization of $492.18 billion, a P/E ratio of 14.83 and a beta of 0.27.

Hedge Funds Weigh In On Tencent

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

About Tencent

Tencent Holdings Limited is a technology and entertainment company founded in 1998 and headquartered in Shenzhen, China. It operates internet platforms and services, including Weixin (known internationally as WeChat) and QQ, which offer messaging, social networking, content and other digital services.

The company also develops and publishes video games, provides digital content such as music and video, and offers cloud computing and advertising services. Its financial technology activities include payment services through Weixin Pay.