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

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down prior to trading on Monday . The stock had previously closed at $83.13, but opened at $75.89. Mitsubishi Electric shares last traded at $75.92, with a volume of 3,278 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MIELY shares. UBS Group upgraded Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Zacks Research cut 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, Mitsubishi Electric presently has an average rating of “Hold”.

Mitsubishi Electric Trading Down 7.0%

The stock’s fifty day moving average price is $74.94 and its 200-day moving average price is $67.64. The firm has a market cap of $80.36 billion, a price-to-earnings ratio of 71.75 and a beta of 0.73.

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.