Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – What’s Next?

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $72.66, but opened at $69.30. Mitsubishi Electric shares last traded at $69.30, with a volume of 7,114 shares.

Analyst Ratings Changes

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

Mitsubishi Electric Trading Up 4.1%

The business has a 50-day moving average of $72.33 and a 200 day moving average of $72.19. The firm has a market capitalization of $77.11 billion, a P/E ratio of 55.71 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY) last announced 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 business had revenue of $9.40 billion during the quarter, compared to the consensus estimate of $8.75 billion.

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.