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

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

Mitsubishi Electric Stock Performance

OTCMKTS MIELY traded down $3.42 on Friday, reaching $57.99. The company had a trading volume of 128,850 shares, compared to its average volume of 116,208. The firm has a market capitalization of $61.27 billion, a price-to-earnings ratio of 44.27 and a beta of 0.81. Mitsubishi Electric has a 1-year low of $50.20 and a 1-year high of $86.00. The company’s fifty day moving average is $65.64 and its 200-day moving average is $70.60.

Mitsubishi Electric (OTCMKTS:MIELY) last issued its quarterly earnings results on Friday, October 30th. The company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.35. The business had revenue of $10.35 billion for the quarter, compared to the consensus estimate of $9.76 billion.

Analysts Set New Price Targets

A number of analysts have commented on MIELY shares. Sanford C. Bernstein initiated coverage on shares of Mitsubishi Electric in a research report on Tuesday, September 15th. They set an “outperform” rating on the stock. Zacks Research upgraded shares of Mitsubishi Electric from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy”.

About Mitsubishi Electric

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.