Intelligent Bio Solutions Inc. (NASDAQ:INBS) Sees Significant Decrease in Short Interest

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a significant drop in short interest in March. As of March 13th, there was short interest totaling 44,416 shares, a drop of 53.0% from the February 26th total of 94,421 shares. Based on an average trading volume of 52,272 shares, the days-to-cover ratio is currently 0.8 days. Approximately 2.8% of the company’s stock are short sold.

Intelligent Bio Solutions Stock Down 5.3%

INBS traded down $0.18 during midday trading on Friday, hitting $3.22. 17,959 shares of the company traded hands, compared to its average volume of 62,194. The firm has a market capitalization of $6.44 million, a PE ratio of -0.22 and a beta of 4.58. The company’s 50-day moving average is $5.69 and its 200 day moving average is $8.34. Intelligent Bio Solutions has a 52 week low of $3.18 and a 52 week high of $24.90.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($2.82) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($3.22). Intelligent Bio Solutions had a negative return on equity of 200.68% and a negative net margin of 315.33%.The company had revenue of $0.90 million during the quarter, compared to the consensus estimate of $5.50 million. On average, sell-side analysts predict that Intelligent Bio Solutions will post -1.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on INBS shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research note on Thursday, January 22nd. Wall Street Zen raised shares of Intelligent Bio Solutions to a “sell” rating in a report on Saturday, January 31st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

Institutional Investors Weigh In On Intelligent Bio Solutions

A number of large investors have recently added to or reduced their stakes in the stock. Warberg Asset Management LLC purchased a new position in Intelligent Bio Solutions during the third quarter valued at approximately $46,000. ADAR1 Capital Management LLC purchased a new stake in shares of Intelligent Bio Solutions in the third quarter worth $435,000. Finally, Alyeska Investment Group L.P. raised its position in shares of Intelligent Bio Solutions by 9.7% during the 3rd quarter. Alyeska Investment Group L.P. now owns 673,492 shares of the company’s stock valued at $687,000 after purchasing an additional 59,600 shares during the period. Institutional investors own 32.97% of the company’s stock.

Intelligent Bio Solutions Company Profile

Intelligent Bio Solutions, Inc, through its wholly owned subsidiary, is focused on the design, development and marketing of rapid, real-time detection and identification systems for foodborne and environmental pathogens. The company’s flagship product, the RAPID-B System, integrates patented biosensor and fluorescence technologies to detect viable microorganisms in a fraction of the time required by traditional culture-based testing methods. This approach enables food processors, beverage producers, environmental testing laboratories and homeland security agencies to identify contaminants such as Escherichia coli O157:H7, Salmonella spp.