Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – Here’s What Happened

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down prior to trading on Wednesday . The stock had previously closed at $76.88, but opened at $72.60. Mitsubishi Electric shares last traded at $72.70, with a volume of 651 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.

Mitsubishi Electric Price Performance

The company has a market cap of $74.17 billion, a PE ratio of 53.59 and a beta of 0.76. The company has a 50-day moving average price of $72.05 and a two-hundred day moving average price of $73.13.

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

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.