Short Interest in Mitsubishi Electric Co. (OTCMKTS:MIELY) Grows By 129.5%

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a significant increase in short interest in the month of June. As of June 30th, there was short interest totaling 55,528 shares, an increase of 129.5% from the June 15th total of 24,199 shares. Approximately 0.0% of the shares of the stock are short sold. Based on an average daily volume of 222,143 shares, the short-interest ratio is presently 0.2 days.

Mitsubishi Electric Price Performance

Shares of MIELY stock traded down $0.43 during trading hours on Tuesday, hitting $69.32. 44,689 shares of the company’s stock were exchanged, compared to its average volume of 123,938. Mitsubishi Electric has a 52 week low of $40.20 and a 52 week high of $86.00. The stock has a market cap of $73.24 billion, a price-to-earnings ratio of 65.40 and a beta of 0.75. The stock’s 50-day moving average is $75.97 and its 200-day moving average is $71.27.

Analyst Upgrades and Downgrades

Separately, Zacks Research downgraded Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold”.

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.