Universal Music Group (OTCMKTS:UMGNF) Shares Down 1.4% – Here’s What Happened

Universal Music Group (OTCMKTS:UMGNF)’s share price dropped 1.4% during mid-day trading on Tuesday . The stock traded as low as $22.05 and last traded at $22.15. Approximately 20,543 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 25,842 shares. The stock had previously closed at $22.47.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Morgan Stanley reiterated an “overweight” rating on shares of Universal Music Group in a report on Friday, January 9th. Moffett Nathanson started coverage on shares of Universal Music Group in a research note on Tuesday, January 27th. They issued a “buy” rating on the stock. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Universal Music Group Stock Down 1.4%

The stock’s fifty day moving average price is $24.78 and its 200 day moving average price is $26.40.

Universal Music Group Company Profile

Universal Music Group (OTCMKTS:UMGNF) is one of the world’s leading music entertainment companies, engaged in recorded music, music publishing, merchandising and brand partnerships. The company’s recorded music division encompasses a roster of major labels—such as Interscope Geffen A&M, Capitol Music Group, Republic Records, Island Records and Decca—and works with a diverse array of artists across genres ranging from pop and hip-hop to classical and jazz. Its music publishing arm, Universal Music Publishing Group, administers and exploits compositions by both established songwriters and emerging talent, providing licensing services for film, television, advertising and digital platforms.

Headquartered in Santa Monica, California, Universal Music Group operates on a truly global scale with regional offices in North America, Europe, Latin America, Asia-Pacific and Africa.