Intelligent Bio Solutions (NASDAQ:INBS) Announces Earnings Results, Beats Expectations By $0.68 EPS

Intelligent Bio Solutions (NASDAQ:INBS) issued its earnings results on Wednesday. The company reported ($0.90) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.58) by $0.68, FiscalAI reports. Intelligent Bio Solutions had a negative return on equity of 176.09% and a negative net margin of 296.73%.The business had revenue of $1.15 million during the quarter, compared to analyst estimates of $1.22 million.

Intelligent Bio Solutions Stock Down 4.5%

NASDAQ:INBS opened at $3.22 on Wednesday. The business’s 50-day simple moving average is $2.18 and its two-hundred day simple moving average is $3.14. Intelligent Bio Solutions has a 52 week low of $1.52 and a 52 week high of $24.90. The stock has a market cap of $7.70 million, a PE ratio of -0.26 and a beta of 4.21.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Intelligent Bio Solutions

A hedge fund recently raised its position in Intelligent Bio Solutions stock. Alyeska Investment Group L.P. boosted its stake in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) by 9.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 673,492 shares of the company’s stock after buying an additional 59,600 shares during the period. Alyeska Investment Group L.P. owned approximately 7.12% of Intelligent Bio Solutions worth $687,000 at the end of the most recent quarter. 32.97% of the stock is owned by institutional investors.

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.