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

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 33,673 shares, a decline of 68.0% from the August 15th total of 105,073 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily volume of 90,645 shares, the days-to-cover ratio is presently 0.4 days.

Hedge Funds Weigh In On Intelligent Bio Solutions

An institutional investor recently bought a new position in Intelligent Bio Solutions stock. ADAR1 Capital Management LLC purchased a new position in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 426,433 shares of the company’s stock, valued at approximately $435,000. ADAR1 Capital Management LLC owned about 4.70% of Intelligent Bio Solutions as of its most recent SEC filing. Institutional investors and hedge funds own 32.97% of the company’s stock.

Wall Street Analyst Weigh In

INBS has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research report on Friday, July 17th. Zacks Research raised 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

Intelligent Bio Solutions Price Performance

NASDAQ INBS traded down $0.06 during trading hours on Friday, reaching $2.13. The company’s stock had a trading volume of 30,088 shares, compared to its average volume of 336,077. The firm has a market capitalization of $6.45 million, a price-to-earnings ratio of -0.24 and a beta of 4.25. The company’s 50-day moving average is $2.20 and its two-hundred day moving average is $2.70. Intelligent Bio Solutions has a 1-year low of $1.52 and a 1-year high of $24.90.

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

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.