Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Up – Here’s Why

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped up before the market opened on Wednesday . The stock had previously closed at $68.31, but opened at $70.9599. Mitsubishi Electric shares last traded at $69.55, with a volume of 28,864 shares trading hands.

Analysts Set New Price Targets

MIELY has been the topic of several recent analyst reports. UBS Group upgraded Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a report on Monday. Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Mitsubishi Electric currently has an average rating of “Moderate Buy”.

Mitsubishi Electric Stock Down 0.4%

The firm has a 50 day moving average of $67.87 and a 200-day moving average of $58.80. The company has a market cap of $73.39 billion, a P/E ratio of 65.53 and a beta of 0.52.

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.