CEMIG (NYSE:CIG) Short Interest Up 88.7% in January

CEMIG (NYSE:CIG) saw a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 2,830,000 shares, an increase of 88.7% from the December 31st total of 1,500,000 shares. Based on an average daily trading volume, of 2,200,000 shares, the days-to-cover ratio is currently 1.3 days.

CEMIG Price Performance

Shares of CIG stock traded down $0.03 during trading hours on Wednesday, hitting $1.82. 1,836,818 shares of the company’s stock were exchanged, compared to its average volume of 1,914,187. The company has a market capitalization of $5.19 billion, a PE ratio of 3.39 and a beta of 1.31. CEMIG has a 12-month low of $1.68 and a 12-month high of $2.19. The business’s 50 day simple moving average is $1.84 and its 200-day simple moving average is $1.94. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CIG shares. Hsbc Global Res upgraded shares of CEMIG to a “hold” rating in a research report on Friday, January 10th. Scotiabank initiated coverage on shares of CEMIG in a research report on Thursday, October 31st. They set a “sector perform” rating for the company. Finally, HSBC downgraded shares of CEMIG from a “buy” rating to a “hold” rating in a report on Friday, January 10th.

CEMIG Company Profile

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels.