Mitsubishi Electric Co. (OTCMKTS:MIELY) Short Interest Up 129.5% in June

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the target of a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 55,528 shares, a growth of 129.5% from the June 15th total of 24,199 shares. Based on an average trading volume of 222,143 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Separately, Zacks Research cut Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Mitsubishi Electric Price Performance

Shares of Mitsubishi Electric stock traded down $0.43 on Tuesday, hitting $69.32. 44,689 shares of the company’s stock traded hands, compared to its average volume of 123,938. The firm’s 50-day moving average price is $75.97 and its two-hundred day moving average price is $71.27. The stock has a market capitalization of $73.24 billion, a PE ratio of 65.40 and a beta of 0.75. Mitsubishi Electric has a one year low of $40.20 and a one year high of $86.00.

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.