Altium Capital Management LP acquired a new stake in IM Cannabis Corp. (NASDAQ:IMCC) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 321,845 shares of the company’s stock, valued at approximately $1,709,000. Altium Capital Management LP owned about 0.48% of IM Cannabis at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in IMCC. Wasatch Advisors Inc. bought a new stake in shares of IM Cannabis during the second quarter worth $25,589,000. K.J. Harrison & Partners Inc grew its stake in shares of IM Cannabis by 16.6% during the second quarter. K.J. Harrison & Partners Inc now owns 1,073,498 shares of the company’s stock worth $5,748,000 after buying an additional 152,564 shares during the last quarter. Murchinson Ltd. bought a new stake in shares of IM Cannabis during the second quarter worth $4,260,000. Bank of Montreal Can grew its stake in shares of IM Cannabis by 10.3% during the second quarter. Bank of Montreal Can now owns 409,658 shares of the company’s stock worth $2,201,000 after buying an additional 38,291 shares during the last quarter. Finally, Psagot Investment House Ltd. bought a new stake in shares of IM Cannabis during the second quarter worth $1,342,000. 13.71% of the stock is currently owned by institutional investors and hedge funds.
IMCC traded up $0.11 during midday trading on Thursday, reaching $3.40. The company had a trading volume of 592 shares, compared to its average volume of 98,923. The company has a current ratio of 3.02, a quick ratio of 2.36 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $228.34 million and a PE ratio of -5.42. IM Cannabis Corp. has a 12-month low of $2.62 and a 12-month high of $11.63. The business’s 50-day moving average price is $3.65.
A number of research firms have weighed in on IMCC. Roth Capital assumed coverage on shares of IM Cannabis in a research note on Tuesday, October 5th. They set a “buy” rating and a $8.00 target price on the stock. Alliance Global Partners decreased their target price on shares of IM Cannabis from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, August 17th. Desjardins decreased their target price on shares of IM Cannabis from C$10.50 to C$10.25 and set a “buy” rating for the company in a research report on Wednesday, August 18th. Finally, Zacks Investment Research downgraded shares of IM Cannabis from a “hold” rating to a “sell” rating in a research report on Wednesday, August 11th.
About IM Cannabis
IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel, Germany, and Canada. It offers strains under the Roma, Dairy Queen, London, Tel Aviv, Paris, and Pandora Box brands; and CBD oil products under the IMC brand. The company also offers its intellectual property related services to the medical cannabis industry.
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