Mitsubishi Electric Co. (OTCMKTS:MIELY) Sees Large Growth in Short Interest

by · The Markets Daily

Mitsubishi Electric Co. (OTCMKTS:MIELY – Get Free Report) was the recipient of a large growth in short interest during the month of August. As of August 14th, there was short interest totaling 58,382 shares, a growth of 130.9% from the July 30th total of 25,287 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 88,087 shares, the days-to-cover ratio is currently 0.7 days.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy”.

Check Out Our Latest Research Report on Mitsubishi Electric

Mitsubishi Electric Stock Performance

MIELY stock traded down $0.23 during midday trading on Friday, reaching $69.82. The stock had a trading volume of 52,040 shares, compared to its average volume of 114,304. The firm has a fifty day simple moving average of $71.66 and a two-hundred day simple moving average of $73.18. Mitsubishi Electric has a 52-week low of $45.49 and a 52-week high of $86.00. The stock has a market cap of $73.77 billion, a PE ratio of 53.30 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY – Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.04. The firm had revenue of $9.40 billion for the quarter, compared to analysts’ expectations of $8.75 billion.

Mitsubishi Electric Company Profile

(Get Free Report)

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.

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