Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – What’s Next?

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s stock price gapped down before the market opened on Tuesday. The stock had previously closed at $68.22, but opened at $66.25. Mitsubishi Electric shares last traded at $67.9055, with a volume of 1,371 shares.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Zacks Research downgraded Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a report on Friday, August 28th. Sanford C. Bernstein initiated coverage on shares of Mitsubishi Electric in a research report on Tuesday, September 15th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Mitsubishi Electric Trading Down 0.5%

The firm has a market cap of $71.56 billion, a PE ratio of 51.70 and a beta of 0.81. The company’s 50 day moving average price is $69.17 and its two-hundred day moving average price is $72.07.

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

Mitsubishi Electric Company Profile

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.