Intelligent Bio Solutions (NASDAQ:INBS) Releases 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, beating the consensus estimate of ($1.58) by $0.68, FiscalAI reports. The firm had revenue of $1.15 million during the quarter, compared to the consensus estimate of $1.22 million. Intelligent Bio Solutions had a negative net margin of 296.73% and a negative return on equity of 176.09%.

Intelligent Bio Solutions Price Performance

Shares of INBS opened at $3.22 on Wednesday. The company’s fifty day moving average price is $2.18 and its 200-day moving average price is $3.14. Intelligent Bio Solutions has a 1-year low of $1.52 and a 1-year high of $24.90. The firm has a market capitalization of $7.70 million, a PE ratio of -0.26 and a beta of 4.21.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Intelligent Bio Solutions stock. ADAR1 Capital Management LLC bought a new position in shares of Intelligent Bio Solutions Inc. (NASDAQ:INBS) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 426,433 shares of the company’s stock, valued at approximately $435,000. ADAR1 Capital Management LLC owned 4.70% of Intelligent Bio Solutions as of its most recent SEC filing. 32.97% of the stock is currently owned by institutional investors and hedge funds.

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.