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

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down before the market opened on Tuesday. The stock had previously closed at $66.97, but opened at $63.80. Mitsubishi Electric shares last traded at $64.50, with a volume of 1,364 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Zacks Research cut shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 28th. Sanford C. Bernstein assumed coverage on shares of Mitsubishi Electric in a research note on Tuesday, September 15th. They issued an “outperform” rating for the company. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Mitsubishi Electric presently has a consensus rating of “Hold”.

Mitsubishi Electric Price Performance

The stock’s 50 day simple moving average is $69.37 and its two-hundred day simple moving average is $72.14. The company has a market capitalization of $69.72 billion, a P/E ratio of 50.37 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY) last released its quarterly earnings results on Friday, July 31st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. The company had revenue of $9.40 billion for the quarter, compared to the consensus estimate of $8.75 billion.

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japan-based manufacturer of electrical and electronic equipment serving industrial, commercial and consumer markets. Its product portfolio includes air-conditioning and refrigeration systems, factory automation equipment, elevators and escalators, power-generation and transmission systems, railway and automotive equipment, and semiconductors and other electronic components.

The company also develops information and communications systems, satellites and space-related equipment, building systems, and other infrastructure technologies.