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

Mitsubishi Electric Co. (OTCMKTS:MIELY) shares gapped down before the market opened on Friday . The stock had previously closed at $68.71, but opened at $66.16. Mitsubishi Electric shares last traded at $68.22, with a volume of 13,959 shares traded.

Analyst Ratings Changes

A number of research analysts have commented on the stock. UBS Group raised shares of Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a research report on Monday. Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Mitsubishi Electric Trading Down 1.0%

The stock has a market cap of $71.84 billion, a PE ratio of 64.14 and a beta of 0.52. The business’s 50-day moving average price is $68.31 and its 200-day moving average price is $58.94.

Mitsubishi Electric Company Profile

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.