Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down - Time to Sell?

Key Points

• Shares gapped down pre-market — the stock closed at $84.28, opened at $76.97 and last traded around $78.84 on a volume of 282,037 shares.
• Wall Street sentiment is muted with a consensus "Hold" rating after recent changes: Zacks downgraded to Hold and UBS upgraded from "strong sell" to Hold, leaving three analysts at Hold.
• Valuation and technicals show a market cap of $84.08B, a high P/E of 75.08 and beta of 0.58, while the price remains above the 50-day ($71.61) and 200-day ($63.84) moving averages.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $84.28, but opened at $76.97. Mitsubishi Electric shares last traded at $78.8350, with a volume of 282,037 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MIELY shares. Zacks Research downgraded Mitsubishi Electric from a "strong-buy" rating to a "hold" rating in a research report on Monday. UBS Group upgraded Mitsubishi Electric from a "strong sell" rating to a "hold" rating in a research report on Monday, March 9th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Mitsubishi Electric currently has a consensus rating of "Hold".

Mitsubishi Electric Price Performance

The company has a market capitalization of $84.08 billion, a P/E ratio of 75.08 and a beta of 0.58. The business has a 50-day moving average of $71.61 and a 200-day moving average of $63.84.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.