Mitsubishi Electric Co. (OTCMKTS:MIELY) Short Interest Up 130.9% in August

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the target of a large growth in short interest in August. As of August 14th, there was short interest totaling 58,382 shares, a growth of 130.9% from the July 30th total of 25,287 shares. Approximately 0.0% of the shares of the stock are short sold. Based on an average daily volume of 88,087 shares, the short-interest ratio is currently 0.7 days.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Mitsubishi Electric currently has a consensus rating of “Buy”.

Mitsubishi Electric Stock Performance

Mitsubishi Electric stock traded up $0.82 during midday trading on Friday, hitting $70.87. 17,671 shares of the company’s stock were exchanged, compared to its average volume of 114,033. The company has a market cap of $74.88 billion, a P/E ratio of 54.10 and a beta of 0.76. The stock has a 50-day moving average price of $71.78 and a two-hundred day moving average price of $73.20. Mitsubishi Electric has a 52-week low of $45.49 and a 52-week high of $86.00.

Mitsubishi Electric (OTCMKTS:MIELY) last announced its earnings results on Friday, July 31st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The company had revenue of $9.40 billion during the quarter, compared to analysts’ expectations of $8.75 billion.

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.