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 Wednesday . The stock had previously closed at $69.41, but opened at $66.21. Mitsubishi Electric shares last traded at $66.4150, with a volume of 1,351 shares.

Analysts Set New Price Targets

Separately, Zacks Research downgraded Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 28th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Mitsubishi Electric Stock Performance

The company has a 50 day moving average of $71.08 and a 200 day moving average of $72.97. The stock has a market capitalization of $72.39 billion, a price-to-earnings ratio of 52.30 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.67 earnings per share (EPS) 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 analyst estimates 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.