Comp En De Mn Cemig ADS (NYSE:CIG) Sees Significant Growth in Short Interest

Key Points

• Short interest rose 55.6% to 5.45 million shares as of August 14, up from 3.50 million on July 30. Short interest represents 0.2% of shares outstanding, with a days-to-cover ratio of 1.4.
• Weiss Ratings downgraded Cemig ADS from “buy (b-)” to “hold (c+),” while the sole covering analyst maintains a Hold rating.
• Cemig ADS shares opened at $2.02, with a $5.77 billion market capitalization and a 52-week trading range of $1.87 to $2.76. Several institutional investors recently initiated or increased positions in the stock.

Comp En De Mn Cemig ADS (NYSE:CIG - Get Free Report) saw a significant increase in short interest in August. As of August 14th, there was short interest totaling 5,451,233 shares, an increase of 55.6% from the July 30th total of 3,502,794 shares. Based on an average daily volume of 3,912,163 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.2% of the company's stock are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Comp En De Mn Cemig ADS from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold".

Comp En De Mn Cemig ADS Stock Up 1.3%

Shares of NYSE:CIG opened at $2.02 on Tuesday. The stock has a market cap of $5.77 billion, a P/E ratio of 10.61 and a beta of 0.78. The firm has a fifty day moving average price of $2.08 and a 200 day moving average price of $2.24. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. Comp En De Mn Cemig ADS has a 1-year low of $1.87 and a 1-year high of $2.76.

Institutional Investors Weigh In On Comp En De Mn Cemig ADS

Institutional investors and hedge funds have recently made changes to their positions in the business. Greenspring Advisors LLC acquired a new stake in shares of Comp En De Mn Cemig ADS during the fourth quarter worth about $30,000. SmartHarvest Portfolios LLC acquired a new position in Comp En De Mn Cemig ADS in the 4th quarter valued at about $30,000. Inspire Advisors LLC increased its position in Comp En De Mn Cemig ADS by 55.8% in the 4th quarter. Inspire Advisors LLC now owns 15,716 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 5,631 shares during the period. EP Wealth Advisors LLC purchased a new stake in Comp En De Mn Cemig ADS during the 4th quarter valued at approximately $33,000. Finally, MW Advisory LLC purchased a new stake in Comp En De Mn Cemig ADS during the 2nd quarter valued at approximately $34,000.

Comp En De Mn Cemig ADS Company Profile

Companhia Energética de Minas Gerais SA (Cemig ADS) is a leading Brazilian energy company primarily engaged in the generation, transmission, distribution and commercialization of electric power. Headquartered in Belo Horizonte, the company operates as a vertically integrated utility, serving residential, commercial and industrial customers across its concession areas. In addition to its core electricity business, Cemig maintains interests in natural gas distribution and distinct energy-related ventures, including renewable sources and infrastructure projects.

In its generation segment, Cemig manages a diversified portfolio that includes hydroelectric, photovoltaic and wind power plants.

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