Rockbridge Asset Management LLC Acquires Shares of 677,501 Intelligent Bio Solutions Inc. $INBS

Rockbridge Asset Management LLC bought a new stake in Intelligent Bio Solutions Inc. (NASDAQ:INBS) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 677,501 shares of the company’s stock, valued at approximately $3,496,000. Intelligent Bio Solutions comprises approximately 2.3% of Rockbridge Asset Management LLC’s holdings, making the stock its 13th largest holding. Rockbridge Asset Management LLC owned 28.32% of Intelligent Bio Solutions at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Summit Creek Advisors LLC acquired a new stake in Intelligent Bio Solutions during the 2nd quarter worth approximately $4,595,000. State of Wyoming purchased a new position in shares of Intelligent Bio Solutions in the 2nd quarter valued at approximately $453,000. Alyeska Investment Group L.P. increased its holdings in shares of 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 purchasing an additional 59,600 shares during the period. ADAR1 Capital Management LLC acquired a new position in shares of Intelligent Bio Solutions in the third quarter valued at approximately $435,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Intelligent Bio Solutions during the second quarter worth approximately $9,655,000. Hedge funds and other institutional investors own 32.97% of the company’s stock.

Intelligent Bio Solutions Trading Down 17.1%

NASDAQ INBS opened at $2.67 on Thursday. The business’s 50 day moving average is $2.19 and its two-hundred day moving average is $3.10. Intelligent Bio Solutions Inc. has a 12-month low of $1.52 and a 12-month high of $24.90. The stock has a market capitalization of $6.38 million, a price-to-earnings ratio of -0.22 and a beta of 4.21.

Intelligent Bio Solutions (NASDAQ:INBS) last issued its earnings results on Wednesday, August 19th. The company reported ($0.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.58) by $0.68. Intelligent Bio Solutions had a negative return on equity of 176.09% and a negative net margin of 296.73%.The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $1.22 million. Equities analysts forecast that Intelligent Bio Solutions Inc. will post -3.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Intelligent Bio Solutions Profile

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.