Mitsubishi Electric Co. (OTCMKTS:MIELY) Shares Shorted: Short Interest Up 117.0% in October

Mitsubishi Electric Co. (OTCMKTS:MIELY) saw a large growth in short interest in October. As of October 15th, there was short interest totaling 94,641 shares, a growth of 117.0% from the September 30th total of 43,621 shares. Based on an average daily trading volume, of 194,681 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.0% of the shares of the company are short sold.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MIELY shares. Zacks Research raised shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. Sanford C. Bernstein initiated coverage on Mitsubishi Electric in a research report on Tuesday, September 15th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Mitsubishi Electric Stock Performance

Shares of OTCMKTS:MIELY traded down $3.42 on Friday, hitting $57.99. 128,850 shares of the company were exchanged, compared to its average volume of 116,208. Mitsubishi Electric has a one year low of $50.20 and a one year high of $86.00. The company’s 50 day moving average price is $65.64 and its two-hundred day moving average price is $70.60. The firm has a market capitalization of $61.27 billion, a price-to-earnings ratio of 44.27 and a beta of 0.81.

Mitsubishi Electric (OTCMKTS:MIELY) last posted its quarterly earnings results on Friday, October 30th. The company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.16. The business had revenue of $10.35 billion for the quarter, compared to analyst estimates of $9.97 billion.

Mitsubishi Electric Company Profile

Mitsubishi Electric Corporation is a Japan-based global manufacturer of electrical and electronic equipment. Founded in 1921 and headquartered in Tokyo, the company develops products and systems for infrastructure, industry, mobility, buildings, homes and information technology.

Its offerings include factory automation equipment, industrial robots, power generation and transmission systems, railway and transportation equipment, elevators and escalators, heating and cooling systems, air conditioners, home appliances, automotive components, semiconductors and other electronic devices.