IM Cannabis (NASDAQ:IMCC) Stock Set to Reverse Split on Thursday, August 27th

Shares of IM Cannabis Corp. (NASDAQ:IMCC) are going to reverse split on Thursday, August 27th. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, August 26th.

IM Cannabis Stock Up 1.0%

Shares of IMCC stock traded up $0.00 during mid-day trading on Wednesday, reaching $0.11. 1,632,511 shares of the company’s stock traded hands, compared to its average volume of 2,623,763. The company’s 50-day moving average price is $0.15 and its 200-day moving average price is $0.42. The company has a market cap of $659,638.00, a P/E ratio of -0.05 and a beta of 2.07. IM Cannabis has a 12 month low of $0.09 and a 12 month high of $2.61.

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On IM Cannabis

A hedge fund recently bought a new position in IM Cannabis stock. DRW Securities LLC bought a new position in IM Cannabis Corp. (NASDAQ:IMCC) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 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 & Exchange Commission. Institutional investors and hedge funds own 7.68% of the company’s stock.

About IM Cannabis

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.