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

Key Points

• Gapped down: Mitsubishi Electric opened at $63.51 after closing at $67.36, last traded at $65.18 on a light volume of 12,848 shares.
• Analyst moves: Zacks upgraded the stock to a "strong-buy" and UBS moved it from "strong sell" to "hold," leaving a MarketBeat consensus of "Moderate Buy" (one Strong Buy, two Holds).
• Valuation and technicals: market cap $68.57 billion, P/E 61.23, fifty-day MA $69.50 vs. two-hundred-day MA $60.30, and beta 0.52.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $67.36, but opened at $63.51. Mitsubishi Electric shares last traded at $65.18, with a volume of 12,848 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MIELY shares. Zacks Research raised Mitsubishi Electric from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. UBS Group raised Mitsubishi Electric from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy".

Mitsubishi Electric Price Performance

The company has a fifty day moving average price of $69.50 and a two-hundred day moving average price of $60.30. The firm has a market cap of $68.57 billion, a price-to-earnings ratio of 61.23 and a beta of 0.52.

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.

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