Intelligent Bio Solutions Inc. (NASDAQ:INBS) Sees Significant Growth in Short Interest

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a significant increase in short interest in 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. Currently, 3.5% of the shares of the stock are sold short. Based on an average daily volume of 110,853 shares, the days-to-cover ratio is currently 0.9 days.

Hedge Funds Weigh In On Intelligent Bio Solutions

Institutional investors have recently modified their holdings of the company. ADAR1 Capital Management LLC purchased a new position in shares of Intelligent Bio Solutions during the 3rd quarter valued at about $435,000. Alyeska Investment Group L.P. grew its position in 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 during the last quarter. GSA Capital Partners LLP bought a new position in Intelligent Bio Solutions during the second quarter valued at approximately $184,000. State of Wyoming purchased a new position in shares of Intelligent Bio Solutions during the second quarter worth approximately $453,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Intelligent Bio Solutions during the second quarter worth approximately $9,655,000. 32.97% of the stock is currently owned by institutional investors.

Intelligent Bio Solutions Trading Up 4.0%

Shares of NASDAQ:INBS traded up $0.09 during trading on Friday, reaching $2.36. The company had a trading volume of 16,980 shares, compared to its average volume of 112,336. The company has a fifty day moving average of $2.20 and a two-hundred day moving average of $2.89. The stock has a market capitalization of $7.15 million, a P/E ratio of -0.26 and a beta of 4.21. Intelligent Bio Solutions has a 12 month low of $1.52 and a 12 month high of $24.90.

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

Analyst Upgrades and Downgrades

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