Short Interest in IM Cannabis Corp. (NASDAQ:IMCC) Drops By 96.7%

IM Cannabis Corp. (NASDAQ:IMCC) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 12,539 shares, a decline of 96.7% from the August 15th total of 376,724 shares. Based on an average daily volume of 180,495 shares, the days-to-cover ratio is presently 0.1 days. Approximately 6.4% of the shares of the stock are short sold.

IM Cannabis Price Performance

Shares of IM Cannabis stock remained flat at $1.75 during midday trading on Friday. 27,737 shares of the company were exchanged, compared to its average volume of 130,895. The company’s fifty day moving average is $3.52 and its two-hundred day moving average is $8.82. IM Cannabis has a fifty-two week low of $1.73 and a fifty-two week high of $77.10. The firm has a market cap of $367,500.00, a P/E ratio of -0.03 and a beta of 2.10.

IM Cannabis (NASDAQ:IMCC) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.34) EPS for the quarter. IM Cannabis had a negative net margin of 39.62% and a negative return on equity of 585.96%. The firm had revenue of $5.34 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of IM Cannabis in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in IM Cannabis stock. DRW Securities LLC acquired a new stake in IM Cannabis Corp. (NASDAQ:IMCC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 23,060 shares of the company’s stock, valued at approximately $32,000. DRW Securities LLC owned about 0.39% of IM Cannabis as of its most recent filing with the Securities and Exchange Commission (SEC). 7.68% of the stock is owned by hedge funds and other institutional investors.

IM Cannabis Company Profile

IM Cannabis Corp is a vertically integrated medical cannabis company based in Israel, specializing in the research, cultivation and production of cannabis-based formulations. The company holds three key licenses granted by the Israeli Ministry of Health, covering cultivation, possession and distribution of medical-grade cannabis. Its production facilities in Moshav Yizrael feature controlled-environment agriculture chambers designed to deliver consistent, high-purity cannabinoid profiles.

The company’s product portfolio includes standardized cannabis oils, distillates, vaporizer cartridges and topical preparations, all formulated under Good Manufacturing Practice (GMP) standards.