Intelligent Bio Solutions Inc. (NASDAQ:INBS) Short Interest Update

Intelligent Bio Solutions Inc. (NASDAQ:INBS) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 149,005 shares, an increase of 172.7% from the April 30th total of 54,635 shares. Based on an average daily volume of 247,781 shares, the days-to-cover ratio is currently 0.6 days. Currently, 6.3% of the company’s stock are short sold.

Analysts Set New Price Targets

Several brokerages have issued reports on INBS. Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research note on Tuesday, April 21st. 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. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Intelligent Bio Solutions has an average rating of “Sell”.

Intelligent Bio Solutions Trading Up 2.0%

Shares of NASDAQ INBS traded up $0.05 during mid-day trading on Friday, reaching $2.57. The company had a trading volume of 49,072 shares, compared to its average volume of 186,278. Intelligent Bio Solutions has a twelve month low of $2.27 and a twelve month high of $24.90. The stock’s 50 day moving average is $2.88 and its 200-day moving average is $5.69.

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

Hedge Funds Weigh In On Intelligent Bio Solutions

A number of hedge funds have recently modified their holdings of INBS. Warberg Asset Management LLC acquired a new position in shares of Intelligent Bio Solutions in the third quarter worth $46,000. ADAR1 Capital Management LLC acquired a new position in shares of Intelligent Bio Solutions in the third quarter worth $435,000. Finally, Alyeska Investment Group L.P. increased its stake in shares of Intelligent Bio Solutions by 9.7% in 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 institutional investors and hedge funds.

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.