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

Intelligent Bio Solutions Inc. (NASDAQ:INBS) saw a large growth in short interest during the month of 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. Based on an average daily volume of 110,125 shares, the days-to-cover ratio is currently 0.5 days. Approximately 2.8% of the company’s stock are short sold.

Intelligent Bio Solutions Stock Performance

Shares of INBS traded down $0.10 during mid-day trading on Friday, hitting $4.01. 186,138 shares of the company traded hands, compared to its average volume of 183,954. The stock has a 50-day moving average price of $3.12 and a two-hundred day moving average price of $6.10. Intelligent Bio Solutions has a 1 year low of $2.27 and a 1 year high of $24.90. The stock has a market cap of $9.58 million, a price-to-earnings ratio of -0.33 and a beta of 4.24.

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in INBS. Warberg Asset Management LLC purchased a new position in shares of Intelligent Bio Solutions during the third quarter valued at approximately $46,000. ADAR1 Capital Management LLC purchased a new position in shares of Intelligent Bio Solutions during the third quarter valued at approximately $435,000. Finally, Alyeska Investment Group L.P. raised its holdings in shares of 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 purchasing an additional 59,600 shares during the last quarter. 32.97% of the stock is owned by hedge funds and other 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.