Short Interest in Intelligent Bio Solutions Inc. (NASDAQ:INBS) Drops By 38.8%

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the target of a significant drop in short interest during the month of May. As of May 29th, there was short interest totaling 91,169 shares, a drop of 38.8% from the May 14th total of 149,005 shares. Currently, 3.9% of the company’s shares are sold short. Based on an average trading volume of 110,774 shares, the short-interest ratio is presently 0.8 days.

Intelligent Bio Solutions Stock Down 1.3%

INBS stock traded down $0.03 during midday trading on Tuesday, reaching $2.30. The company’s stock had a trading volume of 78,299 shares, compared to its average volume of 84,547. Intelligent Bio Solutions has a 52 week low of $2.24 and a 52 week high of $24.90. The stock has a market cap of $5.50 million, a PE ratio of -0.19 and a beta of 4.21. The business’s 50-day simple moving average is $2.69 and its 200-day simple moving average is $5.28.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.40 by ($3.20). Intelligent Bio Solutions had a negative net margin of 296.73% and a negative return on equity of 176.09%. The business had revenue of $1.06 million during the quarter, compared to the consensus estimate of $7.20 million.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Tuesday, April 21st. Wall Street Zen cut Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

Hedge Funds Weigh In On Intelligent Bio Solutions

A hedge fund recently bought a new stake in Intelligent Bio Solutions stock. ADAR1 Capital Management LLC bought a new position in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 426,433 shares of the company’s stock, valued at approximately $435,000. ADAR1 Capital Management LLC owned about 4.70% of Intelligent Bio Solutions at the end of the most recent quarter. 32.97% of the stock is owned by institutional investors and hedge funds.

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.