Mitsubishi Electric Co. (OTCMKTS:MIELY) Sees Large Growth in Short Interest

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a significant increase in short interest in April. As of April 30th, there was short interest totaling 234,322 shares, an increase of 1,010.3% from the April 15th total of 21,105 shares. Based on an average trading volume of 258,462 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.0% of the company’s stock are short sold.

Analysts Set New Price Targets

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

Mitsubishi Electric Price Performance

OTCMKTS:MIELY traded up $1.48 during midday trading on Wednesday, hitting $82.13. The company’s stock had a trading volume of 58,115 shares, compared to its average volume of 127,582. Mitsubishi Electric has a fifty-two week low of $37.53 and a fifty-two week high of $86.00. The firm’s 50 day moving average is $72.34 and its 200-day moving average is $65.38. The firm has a market cap of $86.78 billion, a P/E ratio of 77.48 and a beta of 0.73.

Mitsubishi Electric Company Profile

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.