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

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $72.66, but opened at $69.30. Mitsubishi Electric shares last traded at $69.30, with a volume of 7,114 shares.

Analyst Ratings Changes

Separately, Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Mitsubishi Electric Stock Performance

The company has a 50 day simple moving average of $72.70 and a 200 day simple moving average of $72.09. The company has a market capitalization of $73.66 billion, a PE ratio of 65.76 and a beta of 0.75.

Mitsubishi Electric (OTCMKTS:MIELY) last released its earnings results on Friday, July 31st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. The firm 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.