GBS (NYSE:GBS) Shares Down 9.3%

GBS Inc. (NYSE:GBS)’s stock price dropped 9.3% on Friday . The company traded as low as $3.00 and last traded at $3.04. Approximately 134,642 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 955,325 shares. The stock had previously closed at $3.35.

GBS Price Performance

The company has a market capitalization of $45.27 million, a price-to-earnings ratio of -5.43 and a beta of 1.32. The stock has a 50 day moving average price of $4.34 and a two-hundred day moving average price of $1.82.

Institutional Trading of GBS

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its holdings in shares of GBS by 65.8% during the 2nd quarter. Renaissance Technologies LLC now owns 111,900 shares of the company’s stock valued at $74,000 after purchasing an additional 44,400 shares in the last quarter. Virtu Financial LLC bought a new position in shares of GBS during the 1st quarter valued at about $70,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of GBS during the 1st quarter valued at about $33,000. 2.79% of the stock is currently owned by institutional investors and hedge funds.

GBS Company Profile

GBS Inc operates as a biosensor diagnostic technology company in the Asia-Pacific and North America. It offers Saliva Glucose Biosensor, an organic thin-film transistor for diabetes management that measures glucose in saliva. The company also focuses on developing SARS-CoV-2 Biosensor, a biosensor test can be used as a complement to the (RNA) virus detection test; and a biosensor platform comprising of biochemistry, immunology, tumor markers, hormones, and nucleic acid diagnostic modalities.