Short Interest in IM Cannabis Corp. (NASDAQ:IMCC) Drops By 37.6%

IM Cannabis Corp. (NASDAQ:IMCC) was the target of a large decline in short interest in the month of May. As of May 15th, there was short interest totaling 27,624 shares, a decline of 37.6% from the April 30th total of 44,250 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily volume of 269,597 shares, the short-interest ratio is currently 0.1 days.

Hedge Funds Weigh In On IM Cannabis

A hedge fund recently bought a new stake in IM Cannabis stock. Yorkville Advisors Global LP acquired a new stake in shares of IM Cannabis Corp. (NASDAQ:IMCC) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 756,029 shares of the company’s stock, valued at approximately $1,452,000. IM Cannabis comprises 0.3% of Yorkville Advisors Global LP’s holdings, making the stock its 11th biggest holding. Yorkville Advisors Global LP owned about 14.40% of IM Cannabis at the end of the most recent quarter. 7.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IM Cannabis in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

IM Cannabis Trading Down 1.0%

NASDAQ IMCC traded down $0.00 during trading on Thursday, hitting $0.29. The company had a trading volume of 46,217 shares, compared to its average volume of 448,370. The company’s fifty day moving average is $0.32 and its 200-day moving average is $0.93. IM Cannabis has a one year low of $0.22 and a one year high of $3.75. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 0.25. The company has a market cap of $1.78 million, a price-to-earnings ratio of -0.16 and a beta of 1.99.

IM Cannabis (NASDAQ:IMCC) last issued its quarterly earnings data on Monday, March 30th. The company reported ($0.86) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.95). The company had revenue of $11.25 million during the quarter, compared to analysts’ expectations of $15.66 million. IM Cannabis had a negative return on equity of 585.96% and a negative net margin of 27.65%.

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.