Intelligent Bio Solutions Inc. (NASDAQ:INBS) Short Interest Update

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the target of a large increase in short interest during 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 days-to-cover ratio is presently 0.9 days. Approximately 3.5% of the shares of the stock are short sold.

Intelligent Bio Solutions Stock Performance

Shares of INBS stock opened at $2.36 on Friday. Intelligent Bio Solutions has a 52 week low of $1.52 and a 52 week high of $24.90. The stock has a market capitalization of $7.15 million, a PE ratio of -0.26 and a beta of 4.21. The stock’s fifty day moving average is $2.20 and its 200-day moving average is $2.89.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on INBS shares. Wall Street Zen downgraded shares of Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Friday, July 17th. Finally, Zacks Research upgraded shares of Intelligent Bio Solutions to a “hold” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce”.

Institutional Investors Weigh In On Intelligent Bio Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INBS. BlackRock Inc. bought a new position in shares of Intelligent Bio Solutions in the second quarter worth about $149,956,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Intelligent Bio Solutions during the second quarter valued at approximately $118,307,000. Bank of America Corp DE bought a new stake in shares of Intelligent Bio Solutions during the second quarter valued at approximately $58,793,000. Deutsche Bank AG acquired a new stake in shares of Intelligent Bio Solutions in the second quarter valued at approximately $39,843,000. Finally, Bank of New York Mellon Corp bought a new position in Intelligent Bio Solutions in the 2nd quarter worth approximately $9,655,000. Institutional investors and hedge funds 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.