Short Interest in Intelligent Bio Solutions Inc. (NASDAQ:INBS) Declines By 86.5%

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a significant drop in short interest during the month of December. As of December 31st, there was short interest totaling 128,608 shares, a drop of 86.5% from the December 15th total of 951,345 shares. Approximately 13.7% of the company’s shares are sold short. Based on an average trading volume of 9,849,558 shares, the short-interest ratio is currently 0.0 days. Based on an average trading volume of 9,849,558 shares, the short-interest ratio is currently 0.0 days. Approximately 13.7% of the company’s shares are sold short.

Intelligent Bio Solutions Stock Performance

NASDAQ:INBS traded down $2.66 during mid-day trading on Monday, reaching $15.26. The stock had a trading volume of 4,760,068 shares, compared to its average volume of 6,874,730. The stock has a market capitalization of $14.50 million, a P/E ratio of -0.90 and a beta of 4.45. The firm has a 50 day moving average price of $7.59 and a two-hundred day moving average price of $12.19. Intelligent Bio Solutions has a one year low of $4.03 and a one year high of $27.50.

Intelligent Bio Solutions (NASDAQ:INBS) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($3.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.50) by ($2.00). The firm had revenue of $1.11 million for the quarter, compared to the consensus estimate of $4.80 million. Intelligent Bio Solutions had a negative net margin of 330.00% and a negative return on equity of 276.73%. Research analysts forecast that Intelligent Bio Solutions will post -1.25 earnings per share for the current year.

Institutional Investors Weigh In On Intelligent Bio Solutions

Hedge funds and other institutional investors have recently modified their holdings of the stock. Warberg Asset Management LLC purchased a new position in shares of Intelligent Bio Solutions in the third quarter worth $46,000. ADAR1 Capital Management LLC bought a new stake in shares of Intelligent Bio Solutions during the 3rd quarter worth approximately $435,000. Finally, Alyeska Investment Group L.P. raised its stake 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 valued at $687,000 after acquiring an additional 59,600 shares in the last quarter. 32.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wall Street Zen cut shares of Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

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.