Mitsubishi Electric Co. (OTCMKTS:MIELY) Sees Significant Drop in Short Interest

Mitsubishi Electric Co. (OTCMKTS:MIELY) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 36,460 shares, a drop of 14.5% from the March 15th total of 42,644 shares. Currently, 0.0% of the company’s stock are sold short. Based on an average daily trading volume, of 258,778 shares, the short-interest ratio is currently 0.1 days.

Mitsubishi Electric Stock Performance

OTCMKTS:MIELY opened at $74.60 on Friday. The firm has a 50-day moving average price of $71.10 and a two-hundred day moving average price of $62.41. Mitsubishi Electric has a 52 week low of $34.50 and a 52 week high of $78.69. The firm has a market cap of $78.82 billion, a price-to-earnings ratio of 70.38 and a beta of 0.58.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MIELY shares. Zacks Research upgraded shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. UBS Group upgraded shares of Mitsubishi Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Mitsubishi Electric has an average rating of “Moderate Buy”.

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.