Mitsubishi Electric Co. (OTCMKTS:MIELY) Short Interest Down 39.7% in May

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 27,092 shares, a decrease of 39.7% from the May 14th total of 44,918 shares. Based on an average daily volume of 235,186 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.0% of the shares of the company are sold short.

Mitsubishi Electric Stock Up 3.5%

Shares of MIELY stock traded up $2.48 during mid-day trading on Monday, reaching $72.56. The stock had a trading volume of 70,858 shares, compared to its average volume of 128,305. The firm’s 50 day simple moving average is $76.22 and its 200 day simple moving average is $68.96. Mitsubishi Electric has a one year low of $39.00 and a one year high of $86.00. The firm has a market cap of $76.67 billion, a PE ratio of 68.45 and a beta of 0.72.

Analysts Set New Price Targets

MIELY has been the subject of several recent analyst reports. UBS Group upgraded Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Zacks Research downgraded Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold”.

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.