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

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a large 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. Based on an average daily volume of 110,853 shares, the short-interest ratio is presently 0.9 days. Approximately 3.5% of the company’s shares are sold short.

Analysts Set New Price Targets

INBS has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research report on Friday, July 17th. Zacks Research upgraded shares of Intelligent Bio Solutions to a “hold” rating in a 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, the company presently has a consensus rating of “Reduce”.

Intelligent Bio Solutions Price Performance

Shares of INBS stock opened at $2.36 on Monday. The business’s fifty day moving average is $2.20 and its 200 day moving average is $2.87. The stock has a market cap of $7.14 million, a price-to-earnings ratio of -0.26 and a beta of 4.21. Intelligent Bio Solutions has a twelve month low of $1.52 and a twelve month high of $24.90.

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

Institutional Investors Weigh In On Intelligent Bio Solutions

Hedge funds have recently bought and sold shares of the business. Empowered Funds LLC purchased a new stake in Intelligent Bio Solutions in the second quarter worth about $294,000. United Capital Financial Advisors LLC bought a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $74,000. Jefferies Financial Group Inc. bought a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $77,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $833,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $309,000. Institutional investors own 32.97% of the company’s stock.

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.