Mitsubishi Electric (OTCMKTS:MIELY) Shares Gap Up - Still a Buy?

Key Points

• Mitsubishi Electric's shares gapped up pre-market, opening at $70.9599 after a $68.31 close and last trading at $69.55 on a volume of 28,864 shares.
• Analyst activity has trended positive recently — Zacks upgraded to a Strong-Buy, UBS moved from "strong sell" to "hold", and the consensus on MarketBeat is an average rating of Moderate Buy (1 Strong Buy, 2 Holds).
• The company has a market cap of $73.39 billion, a high PE of 65.53 and a low beta of 0.52, with technicals showing a 50-day SMA of $67.87 and a 200-day SMA of $58.80.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $68.31, but opened at $70.9599. Mitsubishi Electric shares last traded at $69.55, with a volume of 28,864 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of Mitsubishi Electric from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. UBS Group upgraded Mitsubishi Electric from a "strong sell" rating to a "hold" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Mitsubishi Electric has an average rating of "Moderate Buy".

Mitsubishi Electric Price Performance

The firm has a market cap of $73.39 billion, a PE ratio of 65.53 and a beta of 0.52. The business has a 50-day simple moving average of $67.87 and a 200 day simple moving average of $58.80.

Mitsubishi Electric Company Profile

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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