Mitsubishi Electric Co. (OTCMKTS:MIELY) Stock Short Interest Climbs 117.0%

Key Points

• Short interest more than doubled to 94,641 shares as of October 15, up 117% from September 30, though only 0.0% of shares are currently sold short and the days-to-cover ratio is 0.5.
• Analyst sentiment is favorable, with Mitsubishi Electric holding a consensus “Buy” rating; recent coverage included an “Outperform” rating and a “Strong Buy” upgrade.
• The stock opened at $61.41, below its 50-day and 200-day moving averages, while the company’s latest quarterly results beat expectations with $0.67 in EPS and $9.40 billion in revenue.

Mitsubishi Electric Co. (OTCMKTS:MIELY - Get Free Report) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 94,641 shares, a growth of 117.0% from the September 30th total of 43,621 shares. Based on an average trading volume of 194,681 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.0% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MIELY. Sanford C. Bernstein began coverage on Mitsubishi Electric in a research report on Tuesday, September 15th. They issued an "outperform" rating for the company. Zacks Research raised shares of Mitsubishi Electric from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Mitsubishi Electric currently has a consensus rating of "Buy".

Mitsubishi Electric Stock Performance

Mitsubishi Electric stock opened at $61.41 on Friday. The stock has a fifty day moving average of $65.89 and a two-hundred day moving average of $70.63. The company has a market capitalization of $64.89 billion, a price-to-earnings ratio of 46.88 and a beta of 0.81. Mitsubishi Electric has a fifty-two week low of $50.20 and a fifty-two week high of $86.00.

Mitsubishi Electric (OTCMKTS:MIELY - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. The company had revenue of $9.40 billion during the quarter, compared to analysts' expectations of $8.75 billion.

Mitsubishi Electric Company Profile

Mitsubishi Electric Corporation is a Japan-based global manufacturer of electrical and electronic equipment. Founded in 1921 and headquartered in Tokyo, the company develops products and systems for infrastructure, industry, mobility, buildings, homes and information technology.

Its offerings include factory automation equipment, industrial robots, power generation and transmission systems, railway and transportation equipment, elevators and escalators, heating and cooling systems, air conditioners, home appliances, automotive components, semiconductors and other electronic devices.

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