CEMIG (NYSE:CIG) Sees Large Increase in Short Interest

CEMIG (NYSE:CIG - Get Free Report) was the target of a large increase in short interest in 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.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Scotiabank started coverage on CEMIG in a research report on Thursday, October 31st. They issued a "sector perform" rating on the stock. HSBC cut shares of CEMIG from a "buy" rating to a "hold" rating in a research report on Friday, January 10th. Finally, Hsbc Global Res upgraded shares of CEMIG to a "hold" rating in a research report on Friday, January 10th.

CEMIG Price Performance

CIG stock traded up $0.01 during midday trading on Friday, reaching $1.87. 1,283,837 shares of the company's stock traded hands, compared to its average volume of 1,862,011. The company has a 50-day simple moving average of $1.83 and a two-hundred day simple moving average of $1.94. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.35. CEMIG has a 1-year low of $1.68 and a 1-year high of $2.19. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 3.48 and a beta of 1.31.

About CEMIG

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.