IM Cannabis (NASDAQ:IMCC) Stock Price Down 1% – What’s Next?

IM Cannabis Corp. (NASDAQ:IMCC) shares were down 1% during mid-day trading on Wednesday . The stock traded as low as $1.83 and last traded at $1.84. Approximately 48,375 shares changed hands during trading, a decline of 27% from the average daily volume of 66,228 shares. The stock had previously closed at $1.86.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded shares of IM Cannabis from a “buy” rating to a “hold” rating in a research note on Saturday, August 16th.

IM Cannabis Stock Down 1.0%

The firm has a market capitalization of $9.66 million, a PE ratio of -3.41 and a beta of 2.19. The firm’s 50 day moving average price is $2.40 and its two-hundred day moving average price is $2.24. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 0.32.

IM Cannabis (NASDAQ:IMCC) last announced its earnings results on Tuesday, August 12th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.07. The business had revenue of $9.21 million during the quarter, compared to the consensus estimate of $12.88 million. IM Cannabis had a negative net margin of 4.19% and a negative return on equity of 59.80%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in IM Cannabis stock. Heron Bay Capital Management acquired a new stake in shares of IM Cannabis Corp. (NASDAQ:IMCC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 78,790 shares of the company’s stock, valued at approximately $195,000. Heron Bay Capital Management owned about 1.95% of IM Cannabis at the end of the most recent reporting period. Institutional investors own 7.68% of the company’s stock.

IM Cannabis Company Profile

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