Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Down - What's Next?

Key Points

• Mitsubishi Electric's stock experienced a significant drop, opening at $49.32 after closing at $51.64, indicating a potential bearish trend.
• CLSA upgraded their rating of Mitsubishi Electric to a "hold", reflecting a cautious sentiment among analysts regarding the stock.
• The company's current market capitalization stands at $54.73 billion with a P/E ratio of 27.55, suggesting a moderate valuation relative to earnings.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $51.64, but opened at $49.32. Mitsubishi Electric shares last traded at $51.53, with a volume of 56,419 shares trading hands.

Wall Street Analyst Weigh In

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

Mitsubishi Electric Stock Performance

The firm has a market capitalization of $54.73 billion, a PE ratio of 27.55 and a beta of 0.56. The stock has a fifty day moving average price of $47.89 and a 200-day moving average price of $42.16.

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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