Intelligent Bio Solutions (NASDAQ:INBS) Posts Quarterly Earnings Results, Beats Expectations By $0.68 EPS

Intelligent Bio Solutions (NASDAQ:INBS) posted its quarterly earnings results on Wednesday. The company reported ($0.90) earnings per share for the quarter, topping the consensus estimate of ($1.58) by $0.68, FiscalAI reports. The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $1.22 million. Intelligent Bio Solutions had a negative return on equity of 176.09% and a negative net margin of 296.73%.

Intelligent Bio Solutions Trading Down 4.5%

Shares of INBS stock opened at $3.22 on Wednesday. Intelligent Bio Solutions has a 12-month low of $1.52 and a 12-month high of $24.90. The stock’s 50-day moving average price is $2.18 and its 200-day moving average price is $3.14. The stock has a market capitalization of $7.70 million, a price-to-earnings ratio of -0.26 and a beta of 4.21.

Wall Street Analyst Weigh In

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

Institutional Trading of Intelligent Bio Solutions

A hedge fund recently raised its position in Intelligent Bio Solutions stock. Alyeska Investment Group L.P. increased its stake in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) by 9.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 673,492 shares of the company’s stock after purchasing an additional 59,600 shares during the quarter. Alyeska Investment Group L.P. owned 7.12% of Intelligent Bio Solutions worth $687,000 at the end of the most recent quarter. 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.