Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down - Here's What Happened

Key Points

• Mitsubishi Electric shares experienced a significant drop, opening at $47.63 after closing at $49.29, with current trading showing slight recovery at $47.68.
• CLSA upgraded Mitsubishi Electric to a "hold" rating, contributing to a consensus market rating of "Hold" from analysts.
• The company boasts a market capitalization of $50.48 billion and operates across multiple segments, including infrastructure and semiconductor devices.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $49.29, but opened at $47.63. Mitsubishi Electric shares last traded at $47.68, with a volume of 14,977 shares traded.

Analysts Set New Price Targets

Separately, CLSA upgraded Mitsubishi Electric to a "hold" rating in a research report on Monday, August 4th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold".

Mitsubishi Electric Price Performance

The company has a 50-day moving average of $45.37 and a two-hundred day moving average of $40.00. The stock has a market capitalization of $50.48 billion, a PE ratio of 25.41 and a beta of 0.63.

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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