Intelligent Bio Solutions (NASDAQ:INBS) Trading Down 0.6% – Here’s What Happened

Shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) traded down 0.6% during mid-day trading on Wednesday . The stock traded as low as $1.73 and last traded at $1.80. Approximately 42,040 shares changed hands during trading, a decline of 46% from the average daily volume of 77,856 shares. The stock had previously closed at $1.81.

Analyst Upgrades and Downgrades

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

Intelligent Bio Solutions Stock Down 3.3%

The firm’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $4.47. The firm has a market capitalization of $4.18 million, a PE ratio of -0.14 and a beta of 4.18.

Intelligent Bio Solutions (NASDAQ:INBS) last released its earnings results 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 during the quarter, compared to the consensus estimate of $7.20 million. On average, equities research analysts forecast that Intelligent Bio Solutions Inc. will post -3.42 earnings per share for the current year.

Institutional Trading of Intelligent Bio Solutions

An institutional investor recently raised its stake in Intelligent Bio Solutions stock. Alyeska Investment Group L.P. increased its position in Intelligent Bio Solutions Inc. (NASDAQ:INBS) by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 673,492 shares of the company’s stock after buying an additional 59,600 shares during the quarter. Alyeska Investment Group L.P. owned 7.12% of Intelligent Bio Solutions worth $687,000 as of its most recent filing with the Securities & Exchange Commission. 32.97% of the stock is currently owned by institutional investors.

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.