Intelligent Bio Solutions (NASDAQ:INBS) Stock Price Down 0.6% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on INBS shares. Wall Street Zen cut Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research note 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce”.

Intelligent Bio Solutions Stock Down 0.6%

The firm’s 50-day simple moving average is $2.44 and its 200-day simple moving average is $4.51. The firm has a market capitalization of $4.30 million, a PE ratio of -0.15 and a beta of 4.18.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its quarterly earnings data 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 net margin of 296.73% and a negative return on equity of 176.09%. The company had revenue of $1.06 million for the quarter, compared to the consensus estimate of $7.20 million. On average, equities research analysts forecast that Intelligent Bio Solutions Inc. will post -3.42 earnings per share for the current year.

Hedge Funds Weigh In On Intelligent Bio Solutions

An institutional investor recently bought a new stake in Intelligent Bio Solutions stock. ADAR1 Capital Management LLC acquired a new stake in Intelligent Bio Solutions Inc. (NASDAQ:INBS) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 426,433 shares of the company’s stock, valued at approximately $435,000. ADAR1 Capital Management LLC owned about 4.70% of Intelligent Bio Solutions as of its most recent filing with the Securities & Exchange Commission. 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.