Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down – Time to Sell?

Mitsubishi Electric Co. (OTCMKTS:MIELY)’s share price gapped down prior to trading on Tuesday. The stock had previously closed at $66.97, but opened at $63.80. Mitsubishi Electric shares last traded at $64.50, with a volume of 1,364 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on MIELY shares. Zacks Research downgraded shares of Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 28th. Sanford C. Bernstein started coverage on shares of Mitsubishi Electric in a research report on Tuesday, September 15th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold”.

Mitsubishi Electric Stock Performance

The firm has a market capitalization of $69.72 billion, a P/E ratio of 50.37 and a beta of 0.76. The company has a 50-day moving average price of $69.37 and a 200-day moving average price of $72.14.

Mitsubishi Electric (OTCMKTS:MIELY) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates 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.

Mitsubishi Electric Company Profile

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.