Intelligent Bio Solutions (NASDAQ:INBS) Trading Down 0.6% – Here’s What Happened

Intelligent Bio Solutions Inc. (NASDAQ:INBS)’s share price fell 0.6% during mid-day trading on Wednesday . The stock traded as low as $1.73 and last traded at $1.80. 42,040 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 77,856 shares. The stock had previously closed at $1.81.

Analyst Upgrades and Downgrades

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

Intelligent Bio Solutions Trading Down 0.6%

The business’s 50 day moving average price is $2.44 and its two-hundred day moving average price is $4.51. The stock has a market cap of $4.30 million, a P/E ratio of -0.15 and a beta of 4.18.

Intelligent Bio Solutions (NASDAQ:INBS) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($1.80) earnings per share (EPS) 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 company had revenue of $1.06 million during the quarter, compared to the consensus estimate of $7.20 million. As a group, analysts expect that Intelligent Bio Solutions Inc. will post -3.42 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Intelligent Bio Solutions stock. Alyeska Investment Group L.P. lifted its position in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) by 9.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 about 7.12% of Intelligent Bio Solutions worth $687,000 as of its most recent filing with the Securities & Exchange Commission. 32.97% of the stock is currently owned by institutional investors.

Intelligent Bio Solutions Company 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.