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

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a large increase in short interest during 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. Based on an average daily volume of 222,143 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.0% of the shares of the company are short sold.

Mitsubishi Electric Stock Down 1.4%

MIELY traded down $0.97 during trading hours on Thursday, hitting $69.35. The stock had a trading volume of 71,538 shares, compared to its average volume of 123,113. The company’s fifty day simple moving average is $75.60 and its 200 day simple moving average is $71.42. Mitsubishi Electric has a 1 year low of $40.20 and a 1 year high of $86.00. The stock has a market cap of $73.28 billion, a PE ratio of 65.42 and a beta of 0.75.

Analysts Set New Price Targets

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