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

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totaling 49,375 shares, a decline of 52.2% from the July 15th total of 103,339 shares. Based on an average daily trading volume, of 101,425 shares, the days-to-cover ratio is currently 0.5 days. Currently, 2.1% of the company’s stock are sold short.

Intelligent Bio Solutions Trading Down 7.7%

Shares of NASDAQ INBS traded down $0.23 during midday trading on Friday, reaching $2.77. The company had a trading volume of 90,992 shares, compared to its average volume of 106,362. Intelligent Bio Solutions has a 1 year low of $1.52 and a 1 year high of $24.90. The business’s 50-day simple moving average is $2.14 and its 200 day simple moving average is $3.26. The stock has a market cap of $6.63 million, a P/E ratio of -0.23 and a beta of 4.21.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($1.80) earnings per share for the quarter, missing analysts’ consensus estimates 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 predict that Intelligent Bio Solutions will post -3.42 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Trading of Intelligent Bio Solutions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INBS. Group One Trading LLC acquired a new stake in Intelligent Bio Solutions during the 2nd quarter worth about $31,000. Global Retirement Partners LLC acquired a new position in shares of Intelligent Bio Solutions in the second quarter valued at about $34,000. Allworth Financial LP purchased a new position in shares of Intelligent Bio Solutions in the second quarter worth about $43,000. Callan Family Office LLC purchased a new position in shares of Intelligent Bio Solutions in the second quarter worth about $57,000. Finally, Meeder Advisory Services Inc. acquired a new stake in shares of Intelligent Bio Solutions during the second quarter worth about $64,000. Institutional investors and hedge funds own 32.97% of the company’s stock.

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.