Mitsubishi Electric Co. (OTCMKTS:MIELY) Sees Significant Growth in Short Interest

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a significant growth in short interest in the month of August. As of August 14th, there was short interest totaling 58,382 shares, a growth of 130.9% from the July 30th total of 25,287 shares. Based on an average daily volume of 88,087 shares, the short-interest ratio is presently 0.7 days. Currently, 0.0% of the company’s stock are sold short.

Mitsubishi Electric Stock Performance

OTCMKTS:MIELY traded up $0.82 during trading on Friday, reaching $70.87. The company’s stock had a trading volume of 17,671 shares, compared to its average volume of 114,033. Mitsubishi Electric has a 12 month low of $45.49 and a 12 month high of $86.00. The firm has a market cap of $74.88 billion, a price-to-earnings ratio of 54.10 and a beta of 0.76. The firm has a 50 day moving average of $71.78 and a 200-day moving average of $73.20.

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

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy”.

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.