Short Interest in IM Cannabis Corp. (NASDAQ:IMCC) Increases By 279.2%

IM Cannabis Corp. (NASDAQ:IMCC) was the target of a large growth in short interest in the month of December. As of December 15th, there was short interest totaling 258,951 shares, a growth of 279.2% from the November 30th total of 68,294 shares. Based on an average daily trading volume, of 310,428 shares, the days-to-cover ratio is presently 0.8 days. Currently, 4.9% of the company’s stock are short sold. Currently, 4.9% of the company’s stock are short sold. Based on an average daily trading volume, of 310,428 shares, the days-to-cover ratio is presently 0.8 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of IM Cannabis in a research report on Monday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell”.

IM Cannabis Stock Performance

NASDAQ:IMCC traded down $0.05 during mid-day trading on Friday, hitting $1.43. 25,173 shares of the company’s stock traded hands, compared to its average volume of 309,227. The company has a current ratio of 0.82, a quick ratio of 0.56 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $7.51 million, a price-to-earnings ratio of -1.83 and a beta of 2.08. The firm has a 50 day moving average of $1.54 and a two-hundred day moving average of $2.14. IM Cannabis has a 12 month low of $0.93 and a 12 month high of $7.12.

IM Cannabis (NASDAQ:IMCC) last announced its earnings results on Thursday, November 13th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.52). The business had revenue of $9.89 million during the quarter, compared to analyst estimates of $14.27 million. IM Cannabis had a negative return on equity of 134.35% and a negative net margin of 9.47%.

Institutional Investors Weigh In On IM Cannabis

A number of large investors have recently bought and sold shares of IMCC. Heron Bay Capital Management bought a new position in IM Cannabis in the 2nd quarter worth approximately $195,000. Yorkville Advisors Global LP purchased a new position in shares of IM Cannabis during the third quarter worth about $1,452,000. Finally, Hidden Cove Wealth Management LLC bought a new position in shares of IM Cannabis in the 3rd quarter worth $27,000. 7.68% of the stock is currently owned by institutional investors and hedge funds.

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.