IM Cannabis (NASDAQ:IMCC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of IM Cannabis (NASDAQ:IMCC – Get Rating) from a hold rating to a sell rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “IM Cannabis Corp. is an MCO in the medical and adult-use recreational cannabis sector. It operates principally in Israel, Germany and Canada. IM Cannabis Corp. is headquartered in Israel. “

Shares of IMCC stock opened at $1.08 on Thursday. IM Cannabis has a 12-month low of $0.84 and a 12-month high of $6.35. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.47 and a quick ratio of 0.88. The firm has a 50-day moving average price of $1.62 and a 200 day moving average price of $2.40.

IM Cannabis (NASDAQ:IMCC – Get Rating) last announced its earnings results on Thursday, March 31st. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.12). IM Cannabis had a negative return on equity of 16.28% and a negative net margin of 44.71%. The company had revenue of $15.96 million during the quarter. On average, research analysts predict that IM Cannabis will post 0.02 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Gofen & Glossberg LLC IL lifted its position in shares of IM Cannabis by 100.0% in the first 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. Millennium Management LLC bought a new position in shares of IM Cannabis in the second quarter valued at about $182,000. Jane Street Group LLC raised its position in shares of IM Cannabis by 130.5% in the third quarter. Jane Street Group LLC now owns 36,461 shares of the company’s stock valued at $129,000 after purchasing an additional 20,641 shares during the period. Cowen AND Company LLC bought a new position in shares of IM Cannabis in the third quarter valued at about $222,000. Finally, Baader Bank INC raised its position in shares of IM Cannabis by 27.7% in the first quarter. Baader Bank INC now owns 235,000 shares of the company’s stock valued at $503,000 after purchasing an additional 50,904 shares during the period. 18.43% of the stock is owned by institutional investors and hedge funds.

IM Cannabis Company Profile (Get Rating)

IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel, Germany, and Canada. It offers cannabis flowers and strain specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, and pressed hash offerings under the WAGNERS and Highland Grow brands.

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