Short Interest in Intelligent Bio Solutions Inc. (NASDAQ:INBS) Expands By 102.2%

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the target of a significant growth in short interest in April. As of April 30th, there was short interest totaling 54,635 shares, a growth of 102.2% from the April 15th total of 27,026 shares. Approximately 2.8% of the shares of the stock are sold short. Based on an average trading volume of 110,125 shares, the short-interest ratio is currently 0.5 days.

Analysts Set New Price Targets

Several research analysts have recently issued reports on INBS shares. Wall Street Zen cut shares of Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Intelligent Bio Solutions Stock Down 2.4%

NASDAQ:INBS traded down $0.10 during trading hours on Friday, reaching $4.01. 186,138 shares of the company’s stock were exchanged, compared to its average volume of 189,201. The company has a market capitalization of $8.02 million, a P/E ratio of -0.33 and a beta of 4.24. Intelligent Bio Solutions has a 12 month low of $2.27 and a 12 month high of $24.90. The business’s 50-day simple moving average is $3.12 and its two-hundred day simple moving average is $6.13.

Intelligent Bio Solutions (NASDAQ:INBS) last issued its 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). The business had revenue of $1.06 million for the quarter, compared to the consensus estimate of $7.20 million. Intelligent Bio Solutions had a negative return on equity of 176.09% and a negative net margin of 296.73%.

Institutional Trading of Intelligent Bio Solutions

A number of large investors have recently added to or reduced their stakes in the business. Warberg Asset Management LLC bought a new stake in Intelligent Bio Solutions during the third quarter worth approximately $46,000. Alyeska Investment Group L.P. boosted its stake in Intelligent Bio Solutions by 9.7% in the 3rd quarter. Alyeska Investment Group L.P. now owns 673,492 shares of the company’s stock worth $687,000 after purchasing an additional 59,600 shares during the period. Finally, ADAR1 Capital Management LLC acquired a new position in Intelligent Bio Solutions in the 3rd quarter worth approximately $435,000. 32.97% of the stock is currently owned by institutional investors.

About Intelligent Bio Solutions

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.