Tencent Music Entertainment, Bilibili Are Among These Overbought Majors In The Communication Services Sector

The most overbought stocks in the communication services sector present a potential opportunity to go short on these overvalued companies. Here’s the latest list of major overbought players in this sector.

Tencent Music Entertainment Group (NYSE: TME)

• Morgan Stanley analyst recently Alex Poon upgraded Tencent Music Entertainment from Equal-Weight to Overweight and raised the price target from $4.50 to $8.50. The company’s stock has a 52-week high of $7.70.
• TME Price Action: Shares of Tencent Music Entertainment dropped 3.7% to settle at $7.34 on Wednesday, but gained 3.1% in the premarket trading session.

Bilibili Inc. (NASDAQ: BILI)

• Bilibili recently reported better-than-expected Q3 adjusted EPS and sales results. The company’s stock has a 52-week high of $61.85.
• BILI Price Action: Shares of Bilibili gained 5.6% to close at $21.72 on Wednesday, and added another 9.7% in the premarket trading.

Manchester United plc (NYSE: MANU)

• Manchester United recently announced it is exploring strategic alternatives including a potential sale. The company has a 52-week high of $23.35.
• MANU Price Action: Shares of Manchester United fell 0.4% to close at $22.13 on Wednesday, but gained 1% in the pre-market trading session.

VEON Ltd. (NASDAQ: VEON)

• VEON, last month, reported better-than-expected quarterly sales. The company’s 52-week high is $1.81.
• VEON Price Action: Shares of VEON fell 3.2% to $0.5811 in the pre-market trading session.

uCloudlink Group Inc. (NASDAQ: UCL)

• uCloudlink recently signed a Memorandum of Understanding with Singapore EV provider Apollo EV to provide high-quality in-vehicle network connectivity solutions. The company has a 52-week low of $6.97.
• UCL Price Action: Shares of uCloudlink Group gained 3.2% to settle at $3.57 on Wednesday and added another 5.8% in the premarket trading session.
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