IM Cannabis Corp. (NASDAQ:IMCC) Sees Large Decrease in Short Interest

IM Cannabis Corp. (NASDAQ:IMCC) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totaling 3,000 shares, adropof46.4% from the July 15th total of 5,600 shares. Based on an average daily volume of 262,900 shares, the short-interest ratio is currently 0.0 days. Approximately0.3% of the company’s shares are short sold. Approximately0.3% of the company’s shares are short sold. Based on an average daily volume of 262,900 shares, the short-interest ratio is currently 0.0 days.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of IM Cannabis from a “buy” rating to a “hold” rating in a report on Saturday.

Hedge Funds Weigh In On IM Cannabis

An institutional investor recently bought a new position in IM Cannabis stock. Heron Bay Capital Management purchased a new position in IM Cannabis Corp. (NASDAQ:IMCC) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 78,790 shares of the company’s stock, valued at approximately $195,000. Heron Bay Capital Management owned about 1.95% of IM Cannabis at the end of the most recent reporting period. Hedge funds and other institutional investors own 7.68% of the company’s stock.

IM Cannabis Stock Performance

NASDAQ:IMCC opened at $2.58 on Tuesday. The stock has a market cap of $13.55 million, a P/E ratio of -4.78 and a beta of 2.20. The firm’s fifty day simple moving average is $2.83 and its 200 day simple moving average is $2.25. IM Cannabis has a twelve month low of $1.29 and a twelve month high of $7.12. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 0.32.

IM Cannabis (NASDAQ:IMCC) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.07. The business had revenue of $9.21 million for the quarter, compared to analysts’ expectations of $12.88 million. IM Cannabis had a negative net margin of 4.19% and a negative return on equity of 59.80%.

IM Cannabis Company Profile

IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel and Germany. It offers cannabis flowers and strain-specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, minis, and full spectrum extracts offerings under the WAGNERS and BLKMKT brands.