Intelligent Bio Solutions (NASDAQ:INBS) Trading 18.1% Higher – Still a Buy?

Intelligent Bio Solutions Inc. (NASDAQ:INBS)’s stock price shot up 18.1% during trading on Thursday . The company traded as high as $3.08 and last traded at $3.00. 427,714 shares were traded during mid-day trading, an increase of 368% from the average daily volume of 91,487 shares. The stock had previously closed at $2.54.

Analyst Upgrades and Downgrades

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

Intelligent Bio Solutions Price Performance

The stock has a market cap of $7.17 million, a PE ratio of -0.25 and a beta of 4.21. The business has a fifty day moving average of $2.14 and a 200-day moving average of $3.27.

Intelligent Bio Solutions (NASDAQ:INBS) last released its quarterly earnings data 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 return on equity of 176.09% and a negative net margin of 296.73%.The business had revenue of $1.06 million during the quarter, compared to analysts’ expectations of $7.20 million. As a group, equities research analysts predict that Intelligent Bio Solutions Inc. will post -3.42 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of INBS. ICONIQ Capital LLC purchased a new position in Intelligent Bio Solutions in the second quarter worth $5,990,000. Sanctuary Advisors LLC purchased a new stake in shares of Intelligent Bio Solutions during the 2nd quarter valued at $201,000. Bank of Nova Scotia acquired a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth $435,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth $159,000. Finally, Evolve Private Wealth LLC purchased a new position in Intelligent Bio Solutions during the 2nd quarter worth $107,000. Hedge funds and other institutional investors 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.