Short Interest in Mitsubishi Electric Co. (OTCMKTS:MIELY) Declines By 39.7%

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the target of a large decrease in short interest during the month of May. As of May 29th, there was short interest totaling 27,092 shares, a decrease of 39.7% from the May 14th total of 44,918 shares. Currently, 0.0% of the company’s stock are short sold. Based on an average trading volume of 235,186 shares, the short-interest ratio is currently 0.1 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MIELY. UBS Group raised Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Zacks Research lowered Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Mitsubishi Electric Stock Performance

Shares of OTCMKTS MIELY traded up $2.48 during mid-day trading on Monday, reaching $72.56. 70,858 shares of the company traded hands, compared to its average volume of 128,305. The company’s fifty day moving average is $76.22 and its two-hundred day moving average is $68.96. Mitsubishi Electric has a fifty-two week low of $39.00 and a fifty-two week high of $86.00. The stock has a market cap of $76.67 billion, a PE ratio of 68.45 and a beta of 0.72.

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.