Short Interest in CEMIG (NYSE:CIG) Declines By 59.1%

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

CEMIG Stock Performance

Shares of NYSE:CIG traded up $0.01 on Friday, reaching $1.80. 485,573 shares of the company’s stock were exchanged, compared to its average volume of 2,378,020. CEMIG has a twelve month low of $1.68 and a twelve month high of $2.19. The company has a fifty day moving average of $1.93 and a 200-day moving average of $1.96. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 3.35 and a beta of 1.31. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28.

Analysts Set New Price Targets

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

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.