Rockbridge Asset Management LLC Makes New Investment in Intelligent Bio Solutions Inc. $INBS

Rockbridge Asset Management LLC bought a new stake in Intelligent Bio Solutions Inc. (NASDAQ:INBS) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 677,501 shares of the company’s stock, valued at approximately $3,496,000. Intelligent Bio Solutions makes up approximately 2.3% of Rockbridge Asset Management LLC’s holdings, making the stock its 13th biggest holding. Rockbridge Asset Management LLC owned approximately 0.28% of Intelligent Bio Solutions at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Intelligent Bio Solutions during the 2nd quarter worth approximately $149,956,000. Deutsche Bank AG acquired a new stake in shares of Intelligent Bio Solutions in the 2nd quarter worth approximately $39,843,000. Bank of New York Mellon Corp purchased a new position in Intelligent Bio Solutions in the 2nd quarter valued at approximately $9,655,000. Summit Creek Advisors LLC purchased a new position in Intelligent Bio Solutions in the 2nd quarter valued at approximately $4,595,000. Finally, ADAR1 Capital Management LLC acquired a new position in Intelligent Bio Solutions during the third quarter worth $435,000. 32.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INBS has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research report on Friday, July 17th. Wall Street Zen cut Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Finally, Zacks Research raised Intelligent Bio Solutions to a “hold” rating in a research note on Monday, June 29th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Intelligent Bio Solutions Price Performance

INBS stock opened at $2.67 on Thursday. The company’s 50 day simple moving average is $2.19 and its 200-day simple moving average is $3.10. The firm has a market capitalization of $6.38 million, a PE ratio of -0.22 and a beta of 4.21. Intelligent Bio Solutions Inc. has a 12 month low of $1.52 and a 12 month high of $24.90.

Intelligent Bio Solutions (NASDAQ:INBS) last issued its quarterly earnings data on Wednesday, August 19th. The company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.58) by $0.68. Intelligent Bio Solutions had a negative net margin of 296.73% and a negative return on equity of 176.09%. The business had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $1.22 million. As a group, sell-side analysts anticipate that Intelligent Bio Solutions Inc. will post -3.42 earnings per share for the current year.

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.