IM Cannabis Corp (NASDAQ:IMCC) shares, rose in value, with the stock price up by 10.86% to the previous day’s close as strong demand from buyers drove the stock to $1.08.
Actively observing the price movement in the last trading, the stock closed the session at $0.97. Referring to stock’s 52-week performance, its high was $1.43, and the low was $0.19. On the whole, IMCC has fluctuated by 248.50% over the past month.
As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.14, which is expected to increase to -$0.06 for fiscal year -$0.46 and then to about $0 by fiscal year 2025.
Analysts have estimated the company’s revenue for the quarter at $11.8 million, with a low estimate of $10.6 million and a high estimate of $13 million. According to the average forecast, sales growth in current quarter could jump down -10.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $53.45 million, representing an increase of 9.50% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that IMCC’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of IMCC currently trading nearly 154.42% and 214.49% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 87.29, while the 7-day volatility ratio is showing 39.51% which for the 30-day chart, stands at 24.79%. Furthermore, IM Cannabis Corp (IMCC)’s beta value is 1.24, and its average true range (ATR) is 0.13.
A comparison of IM Cannabis Corp (IMCC) with its peers suggests the former has fared considerably weaker in the market. IMCC showed an intraday change of 10.86% in last session, and over the past year, it grew by 44.02%%.
Data on historical trading for IM Cannabis Corp (NASDAQ:IMCC) indicates that the trading volumes over the past 10 days have averaged 2.07 million and over the past 3 months, they’ve averaged 556.26K. According to company’s latest data on outstanding shares, there are 13.39 million shares outstanding.
Nearly 36.07% of IM Cannabis Corp’s shares belong to company insiders and institutional investors own 2.62% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 42090.0 shares as on Mar 15, 2024, resulting in a short ratio of 0.28. According to the data, the short interest in IM Cannabis Corp (IMCC) stood at 0.31% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 0.15 million. The stock has risen by 202.52% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the IMCC stock heading into the next quarter.
