Mitsubishi Estate (OTCMKTS:MITEY) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• Mitsubishi Estate's stock price has crossed above its 50-day moving average of $18.65, reaching a high of $20.10 before settling at $19.62.
• Analysts from CLSA have upgraded Mitsubishi Estate to a "strong-buy" rating, indicating potential confidence in the stock's future performance.
• The company reported earnings of $0.26 per share for the last quarter, missing estimates, but had revenue of $3.59 billion, slightly surpassing expectations.

Mitsubishi Estate Co. (OTCMKTS:MITEY - Get Free Report) shares crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $18.65 and traded as high as $20.10. Mitsubishi Estate shares last traded at $19.62, with a volume of 20,550 shares changing hands.

Wall Street Analyst Weigh In

Separately, CLSA upgraded shares of Mitsubishi Estate to a "strong-buy" rating in a research report on Tuesday, May 27th.

Mitsubishi Estate Price Performance

The company has a current ratio of 2.33, a quick ratio of 1.69 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $25.90 billion, a P/E ratio of 19.91 and a beta of 0.23. The business's fifty day moving average price is $18.76 and its 200-day moving average price is $16.97.

Mitsubishi Estate (OTCMKTS:MITEY - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.02. Mitsubishi Estate had a net margin of 12.09% and a return on equity of 5.48%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.70 billion.

About Mitsubishi Estate

Mitsubishi Estate Co, Ltd. engages in the real estate activities in Japan and internationally. The company develops, leases, manages, and sells office buildings and commercial facilities; operates rental offices, coworking space, virtual offices, hourly meeting rooms, home delivery storage service, commercial nursing homes, and building garages; offers real estate management, as well as building management services, such as security, facility management, cleaning, and planting services; and operates hotels and airports.