IM Cannabis Corp. (NASDAQ:IMCC – Get Rating) saw a large growth in short interest in March. As of March 31st, there was short interest totalling 357,500 shares, a growth of 138.0% from the March 15th total of 150,200 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 380,200 shares, the days-to-cover ratio is presently 0.9 days.
Separately, Zacks Investment Research upgraded shares of IM Cannabis from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 5th.
IMCC stock opened at $1.84 on Friday. The company has a 50 day simple moving average of $2.14 and a 200 day simple moving average of $2.74. IM Cannabis has a 1 year low of $1.56 and a 1 year high of $7.00. The company has a current ratio of 1.65, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09.
IM Cannabis (NASDAQ:IMCC – Get Rating) last released its quarterly earnings data on Thursday, March 31st. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.12). The company had revenue of $15.96 million for the quarter. IM Cannabis had a negative return on equity of 10.04% and a negative net margin of 31.34%. Research analysts forecast that IM Cannabis will post 0.14 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in IMCC. Gofen & Glossberg LLC IL increased its position in IM Cannabis by 100.0% during the 1st quarter. Gofen & Glossberg LLC IL now owns 20,000 shares of the company’s stock worth $43,000 after purchasing an additional 10,000 shares in the last quarter. Jane Street Group LLC grew its holdings in IM Cannabis by 130.5% during the 3rd quarter. Jane Street Group LLC now owns 36,461 shares of the company’s stock worth $129,000 after acquiring an additional 20,641 shares during the last quarter. Millennium Management LLC bought a new stake in IM Cannabis during the 2nd quarter worth approximately $182,000. Cowen AND Company LLC bought a new stake in IM Cannabis during the 3rd quarter worth approximately $222,000. Finally, EMC Capital Management grew its holdings in IM Cannabis by 37.6% during the 3rd quarter. EMC Capital Management now owns 252,966 shares of the company’s stock worth $696,000 after acquiring an additional 69,078 shares during the last quarter. Institutional investors and hedge funds own 13.50% of the company’s stock.
About IM Cannabis (Get Rating)
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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