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

Key Points

• Mitsubishi Electric Co. experienced a dramatic 92.9% decline in short interest in September, falling from 72,000 shares to just 5,100 shares.
• The company's stock is currently trading at $51.61, up from a 12-month low of $29.80, with a market cap of $54.53 billion.
• CLSA recently upgraded Mitsubishi Electric to a "hold" rating, reflecting a cautious outlook among analysts.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 5,100 shares, a decline of 92.9% from the September 15th total of 72,000 shares. Based on an average daily trading volume, of 173,400 shares, the days-to-cover ratio is presently 0.0 days. Based on an average daily trading volume, of 173,400 shares, the days-to-cover ratio is presently 0.0 days.

Mitsubishi Electric Stock Performance

Mitsubishi Electric stock traded down $0.70 during midday trading on Thursday, hitting $51.61. 58,550 shares of the company's stock were exchanged, compared to its average volume of 104,340. The firm's 50 day simple moving average is $50.56 and its 200 day simple moving average is $43.87. Mitsubishi Electric has a 12-month low of $29.80 and a 12-month high of $55.06. The stock has a market cap of $54.53 billion, a price-to-earnings ratio of 27.45 and a beta of 0.54.

Analysts Set New Price Targets

Separately, CLSA raised shares of Mitsubishi Electric to a "hold" rating in a research report on Monday, August 4th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Mitsubishi Electric has an average rating of "Hold".

About Mitsubishi Electric

Mitsubishi Electric Corporation develops, manufactures, distributes, and sells electrical and electronic equipment worldwide. The company operates through: Infrastructure, Industry Mobility, Life, Business Platform, Semiconductor and Device, and Others segments. It offers turbine generators, nuclear power plant and power electronics equipment, motors, transformers, circuit breakers, gas insulated switchgears, switch controls, surveillance-system control and security systems, transmission and distribution ICT systems, display devices, locomotive and rolling stock electrical equipment, wireless and wired communications systems, network camera systems, elevators, escalators, building security and management systems, and others.

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