Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – Here’s What Happened

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) gapped down prior to trading on Friday . The stock had previously closed at $68.71, but opened at $66.16. Mitsubishi Electric shares last traded at $68.22, with a volume of 13,959 shares changing hands.

Analyst Ratings Changes

MIELY has been the subject of a number of recent research reports. Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. UBS Group upgraded Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Mitsubishi Electric Trading Down 1.0%

The company has a 50-day simple moving average of $68.31 and a 200 day simple moving average of $58.94. The company has a market cap of $71.84 billion, a P/E ratio of 64.14 and a beta of 0.52.

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.