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

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a significant growth in short interest during the month of August. As of August 14th, there was short interest totaling 58,382 shares, a growth of 130.9% from the July 30th total of 25,287 shares. Based on an average daily volume of 88,087 shares, the short-interest ratio is presently 0.7 days. Currently, 0.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Mitsubishi Electric has an average rating of “Buy”.

Mitsubishi Electric Stock Performance

Mitsubishi Electric stock traded down $0.23 during midday trading on Friday, reaching $69.82. 52,040 shares of the company’s stock were exchanged, compared to its average volume of 114,304. The stock’s 50-day simple moving average is $71.66 and its 200 day simple moving average is $73.18. The firm has a market cap of $73.77 billion, a price-to-earnings ratio of 53.30 and a beta of 0.76. Mitsubishi Electric has a 52 week low of $45.49 and a 52 week high of $86.00.

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

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.