Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – Here’s Why

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down before the market opened on Tuesday . The stock had previously closed at $81.11, but opened at $75.07. Mitsubishi Electric shares last traded at $75.32, with a volume of 173,016 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. UBS Group raised shares of Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Zacks Research lowered shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Mitsubishi Electric Trading Down 1.9%

The firm has a market cap of $78.49 billion, a PE ratio of 70.08 and a beta of 0.73. The company’s 50-day moving average is $73.31 and its 200 day moving average is $66.45.

About Mitsubishi Electric

Mitsubishi Electric Corporation (OTCMKTS: MIELY) is a Tokyo-based multinational manufacturer of electrical and electronic equipment. Founded in 1921, the company is part of the broader Mitsubishi Group and has grown into a diversified industrial enterprise serving commercial, industrial and consumer markets. Mitsubishi Electric develops, manufactures and sells a wide range of products and systems used in building systems, factory automation, power generation and distribution, transportation, and information and communication infrastructure.

The company’s product and service portfolio includes air-conditioning and heating systems, elevators and escalators, factory automation and control equipment, power and electric systems, transportation systems and signaling for railways, and semiconductors and electronic devices.