Palisade Capital Management LP Buys Shares of 1,741,956 Intelligent Bio Solutions Inc. $INBS

Palisade Capital Management LP bought a new position in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,741,956 shares of the company’s stock, valued at approximately $8,988,000. Palisade Capital Management LP owned 72.89% of Intelligent Bio Solutions at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Group One Trading LLC acquired a new position in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $31,000. Global Retirement Partners LLC acquired a new stake in Intelligent Bio Solutions in the 2nd quarter valued at approximately $34,000. Allworth Financial LP purchased a new stake in Intelligent Bio Solutions in the second quarter valued at approximately $43,000. Callan Family Office LLC purchased a new stake in Intelligent Bio Solutions in the second quarter valued at approximately $57,000. Finally, Meeder Advisory Services Inc. acquired a new position in Intelligent Bio Solutions during the second quarter worth $64,000. 32.97% of the stock is currently owned by institutional investors and hedge funds.

Intelligent Bio Solutions Stock Down 5.6%

Intelligent Bio Solutions stock opened at $2.36 on Wednesday. Intelligent Bio Solutions Inc. has a 52-week low of $1.52 and a 52-week high of $24.90. The firm has a market cap of $7.15 million, a PE ratio of -0.26 and a beta of 4.21. The company’s 50 day moving average is $2.20 and its two-hundred day moving average is $2.95.

Intelligent Bio Solutions (NASDAQ:INBS) last posted its quarterly earnings results on Wednesday, August 19th. The company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.58) by $0.68. Intelligent Bio Solutions had a negative net margin of 294.88% and a negative return on equity of 175.35%. The business had revenue of $1.15 million during the quarter, compared to the consensus estimate of $1.22 million. On average, equities research analysts anticipate that Intelligent Bio Solutions Inc. will post -5.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.