Short Interest in Intelligent Bio Solutions Inc. (NASDAQ:INBS) Drops By 39.3%

Intelligent Bio Solutions Inc. (NASDAQ:INBS) saw a significant drop in short interest in the month of April. As of April 15th, there was short interest totaling 27,026 shares, a drop of 39.3% from the March 31st total of 44,510 shares. Based on an average daily volume of 130,195 shares, the days-to-cover ratio is presently 0.2 days. Currently, 1.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

INBS has been the topic of several research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research report on Tuesday, April 21st. Wall Street Zen raised Intelligent Bio Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Intelligent Bio Solutions presently has a consensus rating of “Sell”.

Institutional Trading of Intelligent Bio Solutions

Hedge funds and other institutional investors have recently modified their holdings of the business. Warberg Asset Management LLC purchased a new stake in shares of Intelligent Bio Solutions during the third quarter worth about $46,000. ADAR1 Capital Management LLC purchased a new stake in shares of Intelligent Bio Solutions during the third quarter worth about $435,000. Finally, Alyeska Investment Group L.P. increased its position in shares of Intelligent Bio Solutions by 9.7% during the third quarter. Alyeska Investment Group L.P. now owns 673,492 shares of the company’s stock worth $687,000 after acquiring an additional 59,600 shares during the last quarter. 32.97% of the stock is owned by hedge funds and other institutional investors.

Intelligent Bio Solutions Trading Down 3.5%

NASDAQ:INBS traded down $0.09 during mid-day trading on Monday, hitting $2.46. The company had a trading volume of 65,948 shares, compared to its average volume of 129,221. The business has a fifty day simple moving average of $3.47 and a 200-day simple moving average of $6.74. Intelligent Bio Solutions has a 1 year low of $2.31 and a 1 year high of $24.90.

Intelligent Bio Solutions (NASDAQ:INBS) last released its quarterly earnings data on Thursday, February 12th. The company reported ($2.82) EPS for the quarter, missing the consensus estimate of $0.40 by ($3.22). Intelligent Bio Solutions had a negative net margin of 315.33% and a negative return on equity of 200.68%. The company had revenue of $0.90 million during the quarter, compared to analysts’ expectations of $5.50 million. Research analysts predict that Intelligent Bio Solutions will post 3.5 earnings per share for the current fiscal year.

About Intelligent Bio Solutions

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.