A Guide To The Risks Of Investing In Companhia Energetica de Minas Gerais (CIG)


Taking this into account, Goldman initiated its Companhia Energetica de Minas Gerais [CIG] rating to a Buy in a research note published on Tuesday. A number of analysts have revised their coverage, including JP Morgan’s analysts, who increased its forecast for the stock in early April from “a Neutral” to “an Overweight”. Citigroup also remained covering CIG and has decreased its forecast on January 16, 2019 with a “Sell” recommendation from previously “Neutral” rating. Goldman revised its rating on January 03, 2019. It rated CIG as “a Sell” which previously was an “a Neutral”.

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Price Performance Review of CIG

On Tuesday, Companhia Energetica de Minas Gerais [NYSE:CIG] saw its stock jump 2.35% to $2.18. On the same session, the stock had its day’s lowest price of $2.12, but rose to a high of $2.19. Over the last five days, the stock has lost -2.68%. Companhia Energetica de Minas Gerais shares have risen nearly 7.39% since the year began. Nevertheless, the stocks have risen 24.80% over the past one year. While a 52-week high of $2.47 was reached on 01/18/23, a 52-week low of $1.67 was recorded on 01/04/23. SMA at 50 days reached $2.07, while 200 days put it at $2.19. A total of 3.56 million shares were traded, compared to the trading of 8.83 million shares in the previous session.

Levels Of Support And Resistance For CIG Stock

The 24-hour chart illustrates a support level at 2.14, which if violated will result in even more drops to 2.09. On the upside, there is a resistance level at 2.21. A further resistance level may holdings at 2.23. The Relative Strength Index (RSI) on the 14-day chart is 57.33, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.01, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 29.27%. Stochastics %K at 64.23% indicates the stock is a holding.

How much short interest is there in Companhia Energetica de Minas Gerais?

A steep rise in short interest was recorded in Companhia Energetica de Minas Gerais stocks on Oct 13, 2022, dropping by -3.22 million shares to a total of 11.17 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 14.39 million shares. There was a decline of -28.83%, which implies that there is a negative sentiment for the stock.

Companhia Energetica de Minas Gerais [CIG] – Who Are The Largest Shareholders?

In filings from Goldman Sachs Asset Management LP, it is revealed that the company now owns 42,628,642 shares, or roughly 2.91% of the outstanding CIG shares. In other words, the investor’s shares have fallen by -2,337,054 from its previous 13-F filing of 44965696.0. Additionally, BlackRock Advisors increased 3.94% of its stake after which the total value it holdings stand at $79,609,034, while BlackRock Fund Advisors added 6.65% of its stake to hold $76.55 million in the firm. Over the last quarter, Polunin Capital Partners Ltd. sold -842,300 shares of Companhia Energetica de Minas Gerais, while Goldman Sachs Asset Management In sold -1,505,911 shares. At present, The Vanguard Group, Inc. is holding 8,577,729 shares valued at $17.41 million. Mangrove Partners owned 7,510,055 shares of the company at the time of its most recent 13F filing, worth $15.25 million.


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