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

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down before the market opened on Friday . The stock had previously closed at $67.36, but opened at $63.51. Mitsubishi Electric shares last traded at $65.18, with a volume of 12,848 shares trading hands.

Analyst Upgrades and Downgrades

MIELY has been the topic of several research reports. UBS Group raised Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. One equities 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.com, the company has a consensus rating of “Moderate Buy”.

Mitsubishi Electric Trading Down 3.7%

The company’s 50-day moving average is $69.50 and its 200 day moving average is $60.30. The firm has a market cap of $68.57 billion, a PE ratio of 61.23 and a beta of 0.52.

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.