Mitsubishi Electric Co. (OTCMKTS:MIELY) Shares Shorted: Short Interest Down 44.1% in September

Mitsubishi Electric Co. (OTCMKTS:MIELY) saw a significant decrease in short interest in the month of September. As of September 15th, there was short interest totaling 40,539 shares, a decrease of 44.1% from the August 31st total of 72,509 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average daily trading volume, of 222,617 shares, the short-interest ratio is currently 0.2 days.

Mitsubishi Electric Trading Up 0.5%

OTCMKTS MIELY traded up $0.33 during trading hours on Wednesday, hitting $66.33. 31,180 shares of the company’s stock were exchanged, compared to its average volume of 112,513. The stock has a 50-day simple moving average of $69.30 and a 200 day simple moving average of $72.12. Mitsubishi Electric has a 1-year low of $49.64 and a 1-year high of $86.00. The firm has a market cap of $70.08 billion, a price-to-earnings ratio of 50.63 and a beta of 0.76.

Mitsubishi Electric (OTCMKTS:MIELY) last issued its quarterly earnings results 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 business had revenue of $9.40 billion during the quarter, compared to analyst estimates of $8.75 billion.

Wall Street Analyst Weigh In

MIELY has been the subject of a number of analyst reports. Zacks Research downgraded Mitsubishi Electric from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 28th. Sanford C. Bernstein started coverage on shares of Mitsubishi Electric in a research report on Tuesday, September 15th. They set an “outperform” rating for the company. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold”.

Mitsubishi Electric Company Profile

Mitsubishi Electric Corporation is a Japan-based manufacturer of electrical and electronic equipment serving industrial, commercial and consumer markets. Its product portfolio includes air-conditioning and refrigeration systems, factory automation equipment, elevators and escalators, power-generation and transmission systems, railway and automotive equipment, and semiconductors and other electronic components.

The company also develops information and communications systems, satellites and space-related equipment, building systems, and other infrastructure technologies.