Intelligent Bio Solutions Inc. (NASDAQ:INBS) Sees Large Increase in Short Interest

Intelligent Bio Solutions Inc. (NASDAQ:INBS) saw a significant increase in short interest during the month of August. As of August 14th, there was short interest totaling 105,073 shares, an increase of 112.8% from the July 30th total of 49,375 shares. Based on an average daily trading volume, of 110,853 shares, the days-to-cover ratio is presently 0.9 days. Approximately 3.5% of the shares of the company are sold short.

Intelligent Bio Solutions Stock Up 4.0%

Intelligent Bio Solutions stock opened at $2.36 on Friday. The business has a 50 day moving average price of $2.20 and a two-hundred day moving average price of $2.89. Intelligent Bio Solutions has a 12 month low of $1.52 and a 12 month high of $24.90. The stock has a market cap of $7.15 million, a price-to-earnings ratio of -0.26 and a beta of 4.21.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its quarterly earnings data on Wednesday, August 19th. The company reported ($0.90) earnings per share for the quarter, topping the consensus estimate of ($1.58) by $0.68. The company had revenue of $1.15 million for the quarter, compared to analyst estimates of $1.22 million. Intelligent Bio Solutions had a negative return on equity of 175.35% and a negative net margin of 294.88%. On average, analysts expect that Intelligent Bio Solutions will post -5.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Intelligent Bio Solutions

Several institutional investors and hedge funds have recently bought and sold shares of INBS. Group One Trading LLC bought a new position in shares of Intelligent Bio Solutions during the 2nd quarter worth about $31,000. Global Retirement Partners LLC acquired a new stake in Intelligent Bio Solutions during the second quarter valued at approximately $34,000. Allworth Financial LP acquired a new position in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $43,000. Callan Family Office LLC bought a new position in shares of Intelligent Bio Solutions during the 2nd quarter worth approximately $57,000. Finally, Meeder Advisory Services Inc. bought a new position in shares of Intelligent Bio Solutions during the 2nd quarter worth approximately $64,000. Institutional investors own 32.97% of the company’s stock.

Analysts Set New Price Targets

INBS has been the topic of several research analyst reports. Wall Street Zen downgraded shares of Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Zacks Research upgraded shares of Intelligent Bio Solutions to a “hold” rating in a research note on Monday, June 29th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Intelligent Bio Solutions presently has a consensus rating of “Reduce”.

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.