Mitsubishi Electric (OTCMKTS:MIELY) Stock Price Down 4.6% – Here’s What Happened

Mitsubishi Electric Co. (OTCMKTS:MIELY) shares were down 4.6% during trading on Wednesday . The stock traded as low as $66.48 and last traded at $68.86. Approximately 4,492 shares traded hands during trading, a decline of 97% from the average daily volume of 130,033 shares. The stock had previously closed at $72.19.

Analysts Set New Price Targets

Several research analysts recently commented on MIELY shares. 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 analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Mitsubishi Electric has an average rating of “Hold”.

Mitsubishi Electric Trading Down 4.7%

The company has a market capitalization of $72.31 billion, a PE ratio of 64.57 and a beta of 0.72. The stock has a fifty day simple moving average of $75.95 and a 200-day simple moving average of $68.62.

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.