CEMIG (NYSE:CIG) Sees Significant Drop in Short Interest

CEMIG (NYSE:CIG) was the target of a large drop in short interest in December. As of December 15th, there was short interest totalling 1,500,000 shares, a drop of 59.1% from the November 30th total of 3,670,000 shares. Based on an average daily volume of 2,330,000 shares, the short-interest ratio is presently 0.6 days.

Analysts Set New Price Targets

Separately, Scotiabank started coverage on CEMIG in a report on Thursday, October 31st. They set a “sector perform” rating on the stock.

CEMIG Stock Performance

NYSE:CIG traded up $0.01 during mid-day trading on Friday, reaching $1.80. The company’s stock had a trading volume of 689,729 shares, compared to its average volume of 2,378,944. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28. The stock has a market cap of $5.15 billion, a P/E ratio of 3.36 and a beta of 1.31. The firm’s fifty day moving average price is $1.93 and its two-hundred day moving average price is $1.96. CEMIG has a 12-month low of $1.68 and a 12-month high of $2.19.

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.