Short Interest in Intelligent Bio Solutions Inc. (NASDAQ:INBS) Drops By 86.5%

Intelligent Bio Solutions Inc. (NASDAQ:INBS) saw a significant decline in short interest during the month of December. As of December 31st, there was short interest totaling 128,608 shares, a decline of 86.5% from the December 15th total of 951,345 shares. Based on an average daily volume of 9,849,558 shares, the short-interest ratio is presently 0.0 days. Currently, 13.7% of the company’s stock are sold short. Currently, 13.7% of the company’s stock are sold short. Based on an average daily volume of 9,849,558 shares, the short-interest ratio is presently 0.0 days.

Wall Street Analyst Weigh In

A number of analysts recently commented on INBS shares. Wall Street Zen cut shares of Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of “Sell”.

Intelligent Bio Solutions Stock Performance

Shares of NASDAQ INBS traded down $2.66 during mid-day trading on Monday, reaching $15.26. 4,760,068 shares of the company’s stock were exchanged, compared to its average volume of 6,874,730. Intelligent Bio Solutions has a 52-week low of $4.03 and a 52-week high of $27.50. The firm has a market capitalization of $14.50 million, a price-to-earnings ratio of -0.90 and a beta of 4.45. The company’s 50-day moving average is $7.59 and its 200-day moving average is $12.19.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its earnings results on Wednesday, November 12th. The company reported ($3.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.50) by ($2.00). Intelligent Bio Solutions had a negative net margin of 330.00% and a negative return on equity of 276.73%. The firm had revenue of $1.11 million during the quarter, compared to analysts’ expectations of $4.80 million. As a group, equities analysts predict that Intelligent Bio Solutions will post -1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Intelligent Bio Solutions

A number of institutional investors and hedge funds have recently modified their holdings of INBS. Alyeska Investment Group L.P. lifted its stake in Intelligent Bio Solutions by 9.7% in the third quarter. Alyeska Investment Group L.P. now owns 673,492 shares of the company’s stock valued at $687,000 after buying an additional 59,600 shares during the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of Intelligent Bio Solutions during the third quarter worth approximately $435,000. Finally, Warberg Asset Management LLC acquired a new position in shares of Intelligent Bio Solutions in the 3rd quarter valued at $46,000. 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.