Mitsubishi Electric (OTCMKTS:MIELY) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Mitsubishi Electric Co. (OTCMKTS:MIELY) saw an uptick in trading volume on Wednesday. 90,115 shares were traded during mid-day trading, a decline of 20% from the previous session’s volume of 112,239 shares. The stock last traded at $65.1350 and had previously closed at $64.66.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Sanford C. Bernstein initiated coverage on Mitsubishi Electric in a research report on Tuesday, September 15th. They issued an “outperform” rating for the company. Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Mitsubishi Electric has a consensus rating of “Buy”.

Mitsubishi Electric Stock Down 1.7%

The company’s fifty day moving average is $68.80 and its two-hundred day moving average is $71.97. The firm has a market capitalization of $68.26 billion, a price-to-earnings ratio of 49.31 and a beta of 0.81.

Mitsubishi Electric (OTCMKTS:MIELY) last released its earnings results on Friday, July 31st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $9.40 billion for the quarter, compared to analyst estimates of $8.75 billion.

About Mitsubishi Electric

Mitsubishi Electric Corporation is a Japan-based manufacturer of electrical and electronic equipment serving industrial, commercial and consumer markets. Its product portfolio includes air-conditioning and refrigeration systems, factory automation equipment, elevators and escalators, power-generation and transmission systems, railway and automotive equipment, and semiconductors and other electronic components.

The company also develops information and communications systems, satellites and space-related equipment, building systems, and other infrastructure technologies.