Mitsubishi Electric (OTCMKTS:MIELY) Trading Down 9.5% – Here’s What Happened
by Amy Steele · The Cerbat GemMitsubishi Electric Co. (OTCMKTS:MIELY – Get Free Report)’s stock price dropped 9.5% on Wednesday . The company traded as low as $72.50 and last traded at $72.50. Approximately 1,857 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 129,382 shares. The stock had previously closed at $80.08.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the company. Zacks Research cut Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. UBS Group raised Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.
Get Our Latest Stock Analysis on Mitsubishi Electric
Mitsubishi Electric Stock Down 2.0%
The stock has a market cap of $78.38 billion, a price-to-earnings ratio of 69.98 and a beta of 0.73. The company’s 50-day simple moving average is $73.19 and its 200-day simple moving average is $66.31.
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.