Intelligent Bio Solutions Inc. (NASDAQ:INBS) Short Interest Down 52.2% in July

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 49,375 shares, a decrease of 52.2% from the July 15th total of 103,339 shares. Based on an average daily trading volume, of 101,425 shares, the short-interest ratio is presently 0.5 days. Approximately 2.1% of the shares of the company are short sold.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Friday, July 17th. Wall Street Zen lowered Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Finally, Zacks Research upgraded Intelligent Bio Solutions to a “hold” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Intelligent Bio Solutions has a consensus rating of “Reduce”.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of INBS. Group One Trading LLC acquired a new stake in shares of Intelligent Bio Solutions in the second quarter valued at approximately $31,000. ICONIQ Capital LLC bought a new stake in shares of Intelligent Bio Solutions during the second quarter valued at approximately $5,990,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Intelligent Bio Solutions during the second quarter worth approximately $1,053,000. Meeder Advisory Services Inc. acquired a new position in shares of Intelligent Bio Solutions during the second quarter worth approximately $64,000. Finally, Citizens Financial Group Inc. RI bought a new position in Intelligent Bio Solutions in the 2nd quarter worth approximately $70,000. 32.97% of the stock is owned by institutional investors and hedge funds.

Intelligent Bio Solutions Stock Performance

Shares of INBS traded up $0.60 during midday trading on Monday, hitting $3.37. 238,333 shares of the stock traded hands, compared to its average volume of 326,300. The business’s 50 day moving average price is $2.14 and its two-hundred day moving average price is $3.22. The firm has a market capitalization of $8.05 million, a PE ratio of -0.28 and a beta of 4.21. Intelligent Bio Solutions has a 1-year low of $1.52 and a 1-year high of $24.90.

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.