Mitsubishi Electric Co. (OTCMKTS:MIELY) Short Interest Update

Mitsubishi Electric Co. (OTCMKTS:MIELY) saw a large drop in short interest in September. As of September 15th, there was short interest totaling 40,539 shares, a drop of 44.1% from the August 31st total of 72,509 shares. Based on an average daily volume of 222,617 shares, the short-interest ratio is currently 0.2 days. Approximately 0.0% of the company’s stock are short sold.

Mitsubishi Electric Price Performance

Shares of MIELY stock traded up $0.20 during trading on Thursday, reaching $66.20. The company had a trading volume of 92,758 shares, compared to its average volume of 112,407. The firm’s 50 day simple moving average is $69.24 and its two-hundred day simple moving average is $72.10. Mitsubishi Electric has a one year low of $49.64 and a one year high of $86.00. The company has a market capitalization of $69.95 billion, a PE ratio of 50.54 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 EPS for the quarter, beating the consensus estimate of $0.63 by $0.04. The company had revenue of $9.40 billion for the quarter, compared to analyst estimates of $8.75 billion.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Sanford C. Bernstein started coverage on Mitsubishi Electric in a research note on Tuesday, September 15th. They issued an “outperform” rating for the company. Zacks Research cut shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 28th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Mitsubishi Electric presently has an average rating of “Hold”.

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.