Intelligent Bio Solutions Inc. (NASDAQ:INBS) Short Interest Up 172.7% in May

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was the target of a large increase in short interest in May. As of May 15th, there was short interest totaling 149,005 shares, an increase of 172.7% from the April 30th total of 54,635 shares. Based on an average daily trading volume, of 247,781 shares, the short-interest ratio is presently 0.6 days. Approximately 6.3% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

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 report on Tuesday, April 21st. Wall Street Zen lowered Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Intelligent Bio Solutions Stock Performance

Shares of INBS opened at $2.57 on Monday. The firm has a market capitalization of $6.14 million, a price-to-earnings ratio of -0.21 and a beta of 4.21. The business’s fifty day moving average price is $2.88 and its two-hundred day moving average price is $5.67. Intelligent Bio Solutions has a 52 week low of $2.27 and a 52 week high of $24.90.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. boosted its position in shares of Intelligent Bio Solutions by 9.7% in 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 last quarter. ADAR1 Capital Management LLC bought a new position in shares of Intelligent Bio Solutions in the 3rd quarter worth $435,000. Finally, Warberg Asset Management LLC bought a new position in shares of Intelligent Bio Solutions in the 3rd quarter worth $46,000. 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.