Intelligent Bio Solutions (NASDAQ:INBS) Trading Up 18.1% – Here’s Why

Intelligent Bio Solutions Inc. (NASDAQ:INBS) shares rose 18.1% during mid-day trading on Thursday . The stock traded as high as $3.08 and last traded at $3.00. 427,714 shares were traded during trading, an increase of 368% from the average session volume of 91,487 shares. The stock had previously closed at $2.54.

Wall Street Analyst Weigh In

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

Intelligent Bio Solutions Price Performance

The stock has a 50-day moving average price of $2.14 and a two-hundred day moving average price of $3.27. The stock has a market cap of $7.17 million, a PE ratio of -0.25 and a beta of 4.21.

Intelligent Bio Solutions (NASDAQ:INBS) last posted its earnings results on Wednesday, May 13th. The company reported ($1.80) EPS for the quarter, missing analysts’ consensus estimates of $1.40 by ($3.20). The firm had revenue of $1.06 million during the quarter, compared to analysts’ expectations of $7.20 million. Intelligent Bio Solutions had a negative return on equity of 176.09% and a negative net margin of 296.73%. Equities research analysts expect that Intelligent Bio Solutions Inc. will post -3.42 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. ICONIQ Capital LLC purchased a new position in shares of Intelligent Bio Solutions in the second quarter valued at $5,990,000. Sanctuary Advisors LLC purchased a new stake in Intelligent Bio Solutions during the second quarter valued at $201,000. Bank of Nova Scotia bought a new position in Intelligent Bio Solutions during the second quarter valued at $435,000. Elevation Point Wealth Partners LLC bought a new position in Intelligent Bio Solutions during the second quarter valued at $159,000. Finally, Evolve Private Wealth LLC purchased a new position in shares of Intelligent Bio Solutions in the 2nd quarter worth $107,000. 32.97% of the stock is currently owned by institutional investors.

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.