Short Interest in CEMIG (NYSE:CIG) Increases By 12.6%

CEMIG (NYSE:CIG) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 5,000,000 shares, a growth of 12.6% from the September 30th total of 4,440,000 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily volume of 3,310,000 shares, the days-to-cover ratio is currently 1.5 days.

Shares of NYSE CIG traded down $0.07 during midday trading on Friday, reaching $2.97. 2,210,425 shares of the stock were exchanged, compared to its average volume of 3,342,224. The company has a 50 day simple moving average of $3.28 and a 200 day simple moving average of $3.54. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.59. CEMIG has a twelve month low of $2.95 and a twelve month high of $4.11.

A number of research analysts have weighed in on CIG shares. ValuEngine raised shares of CEMIG from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Goldman Sachs Group started coverage on shares of CEMIG in a research note on Thursday. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. CEMIG has a consensus rating of “Hold”.

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.

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