IM Cannabis Corp (NASDAQ: IMCC): Are We Watching A Disaster Or Are We Buying A Gold Mine?

In today’s recent session, 3.17 million shares of the IM Cannabis Corp (NASDAQ:IMCC) have been traded, and its beta is 1.41. Most recently the company’s share price was $0.74, and it changed around $0.21 or 39.53% from the last close, which brings the market valuation of the company to $9.90M. IMCC at last check was trading at a discount to its 52-week high of $1.43, offering almost -93.24% off that amount. The share price’s 52-week low was $0.19, which indicates that the recent value has risen by an impressive 74.32% since then. We note from IM Cannabis Corp’s average daily trading volume that its 10-day average is 1.28 million shares, with the 3-month average coming to 408.33K.

IM Cannabis Corp (NASDAQ:IMCC) trade information

Instantly IMCC has been showing a green trend so far today with a performance of 39.53% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 107.14% year-to-date, but still up 73.19% over the last five days. On the other hand, IM Cannabis Corp (NASDAQ:IMCC) is 124.57% up in the 30-day period. We can see from the shorts that 42090.0 shares have been sold at a short interest cover period of 0.28 day(s).

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IM Cannabis Corp (IMCC) estimates and forecasts

IM Cannabis Corp share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 7.50 percent over the past six months and at a 67.27% annual growth rate that is well above the industry average of 16.40%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -566.70% in revenue this quarter, and will report an increase of 53.80% in the next quarter. The year-over-year growth rate is expected to be 9.50%, up from the previous year.

Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $11.8 million in revenue for the current quarter. 2 analysts expect IM Cannabis Corp to make $12.75 million in revenue for the quarter ending Jun 2024. Analysts predict that the company’s current quarter sales will drop, forecast at -10.40%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -7.89%.

IMCC Dividends

IM Cannabis Corp’s next quarterly earnings report is expected to be released around May 13 and May 17.

IM Cannabis Corp (NASDAQ:IMCC)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 36.09% of IM Cannabis Corp shares, and 8.15% of them are in the hands of institutional investors. The stock currently has a share float of 12.75%. IM Cannabis Corp stock is held by 18 institutions, with Lynwood Capital Management Inc. being the largest institutional investor. By Jun 29, 2023, it held 4.11% of the shares, which is about 0.55 million shares worth $0.5 million.

Black Maple Capital Management Lp, with 3.02% or 0.4 million shares worth $0.37 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

AdvisorShares Trust-AdvisorShares Pure Cannabis ETF and Amplify Seymour Cannabis ETF were the top two Mutual Funds as of Sep 29, 2023. The former held 0.23 million shares worth $0.17 million, making up 1.72% of all outstanding shares. On the other hand, Amplify Seymour Cannabis ETF held roughly 9600.0 shares worth around $8284.0, which represents about 0.07% of the total shares outstanding.