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

IM Cannabis Corp. (NASDAQ:IMCC) saw a significant decline in short interest in 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. Currently, 6.4% of the shares of the company are sold short. Based on an average daily volume of 180,495 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On IM Cannabis

An institutional investor recently bought a new position in IM Cannabis stock. DRW Securities LLC purchased a new stake in IM Cannabis Corp. (NASDAQ:IMCC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 23,060 shares of the company’s stock, valued at approximately $32,000. DRW Securities LLC owned approximately 0.39% of IM Cannabis as of its most recent SEC filing. 7.68% of the stock is owned by institutional investors.

IM Cannabis Price Performance

NASDAQ IMCC remained flat at $1.75 on Friday. 10,760 shares of the company’s stock traded hands, compared to its average volume of 85,728. The business has a 50-day moving average of $3.57 and a 200-day moving average of $8.86. IM Cannabis has a fifty-two week low of $1.73 and a fifty-two week high of $77.10. The company has a market capitalization of $367,500.00, a P/E ratio of -0.03 and a beta of 2.10.

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

Analyst Upgrades and Downgrades

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

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.