Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Up – Time to Buy?

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped up before the market opened on Thursday. The stock had previously closed at $66.00, but opened at $68.70. Mitsubishi Electric shares last traded at $66.25, with a volume of 4,943 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Sanford C. Bernstein assumed coverage on Mitsubishi Electric in a report on Tuesday, September 15th. They issued an “outperform” rating on the stock. Zacks Research lowered Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a report on Friday, August 28th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Mitsubishi Electric presently has an average rating of “Hold”.

Mitsubishi Electric Price Performance

The firm has a market capitalization of $69.84 billion, a PE ratio of 50.46 and a beta of 0.76. The company has a 50-day moving average price of $69.24 and a 200-day moving average price of $72.10.

Mitsubishi Electric (OTCMKTS:MIELY) last announced 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 analyst estimates of $8.75 billion.

Mitsubishi Electric Company Profile

Mitsubishi Electric Corporation is a Japan-based manufacturer of electrical and electronic equipment serving industrial, commercial and consumer markets. Its product portfolio includes air-conditioning and refrigeration systems, factory automation equipment, elevators and escalators, power-generation and transmission systems, railway and automotive equipment, and semiconductors and other electronic components.

The company also develops information and communications systems, satellites and space-related equipment, building systems, and other infrastructure technologies.