Intelligent Bio Solutions Inc. (NASDAQ:INBS) Short Interest Up 102.2% in April

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the recipient of a large increase in short interest in the month of April. As of April 30th, there was short interest totaling 54,635 shares, an increase of 102.2% from the April 15th total of 27,026 shares. Based on an average trading volume of 110,125 shares, the short-interest ratio is currently 0.5 days. Currently, 2.8% of the shares of the company are sold short.

Intelligent Bio Solutions Stock Performance

Shares of Intelligent Bio Solutions stock traded down $0.34 during trading on Monday, hitting $3.68. 89,001 shares of the company’s stock were exchanged, compared to its average volume of 485,207. The business has a 50-day simple moving average of $3.12 and a 200-day simple moving average of $6.10. Intelligent Bio Solutions has a 52-week low of $2.27 and a 52-week high of $24.90. The stock has a market capitalization of $8.78 million, a price-to-earnings ratio of -0.30 and a beta of 4.24.

Intelligent Bio Solutions (NASDAQ:INBS) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($1.80) EPS for the quarter, missing the consensus estimate of $1.40 by ($3.20). The business had revenue of $1.06 million during the quarter, compared to analysts’ expectations of $7.20 million. Intelligent Bio Solutions had a negative net margin of 296.73% and a negative return on equity of 176.09%.

Analyst Upgrades and Downgrades

INBS has been the topic of several research analyst reports. Wall Street Zen downgraded Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Intelligent Bio Solutions in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell”.

Institutional Trading of Intelligent Bio Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of INBS. ADAR1 Capital Management LLC acquired a new position in Intelligent Bio Solutions in the third quarter valued at approximately $435,000. Alyeska Investment Group L.P. grew its stake in shares of Intelligent Bio Solutions by 9.7% during the 3rd quarter. Alyeska Investment Group L.P. now owns 673,492 shares of the company’s stock worth $687,000 after purchasing an additional 59,600 shares during the period. Finally, Warberg Asset Management LLC purchased a new position in shares of Intelligent Bio Solutions during the 3rd quarter valued at approximately $46,000. 32.97% of the stock is owned by institutional investors and hedge funds.

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.