Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – Time to Sell?

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down before the market opened on Monday. The stock had previously closed at $65.02, but opened at $61.96. Mitsubishi Electric shares last traded at $64.45, with a volume of 12,636 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MIELY. Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. Sanford C. Bernstein assumed coverage on Mitsubishi Electric in a report on Tuesday, September 15th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Mitsubishi Electric Price Performance

The firm has a market cap of $69.43 billion, a PE ratio of 50.16 and a beta of 0.81. The business has a 50-day moving average price of $68.80 and a two-hundred day moving average price of $71.97.

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

About Mitsubishi Electric

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.