1,741,956 Shares in Intelligent Bio Solutions Inc. $INBS Acquired by Palisade Capital Management LP

Palisade Capital Management LP bought a new stake in Intelligent Bio Solutions Inc. (NASDAQ:INBS) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 1,741,956 shares of the company’s stock, valued at approximately $8,988,000. Palisade Capital Management LP owned about 0.73% of Intelligent Bio Solutions as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in INBS. Group One Trading LLC acquired a new stake in shares of Intelligent Bio Solutions in the 2nd quarter valued at $31,000. Global Retirement Partners LLC acquired a new position in shares of Intelligent Bio Solutions during the second quarter worth $34,000. Allworth Financial LP purchased a new position in Intelligent Bio Solutions in the second quarter valued at $43,000. Callan Family Office LLC acquired a new stake in Intelligent Bio Solutions in the second quarter valued at $57,000. Finally, Meeder Advisory Services Inc. acquired a new stake in Intelligent Bio Solutions in the second quarter valued at $64,000. Hedge funds and other institutional investors own 32.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research 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 reissued a “sell (e+)” rating on shares of Intelligent Bio Solutions in a research report on Friday, July 17th. Finally, Wall Street Zen cut Intelligent Bio Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce”.

Intelligent Bio Solutions Price Performance

Shares of NASDAQ:INBS opened at $2.36 on Wednesday. The company’s fifty day moving average price is $2.20 and its 200 day moving average price is $2.95. Intelligent Bio Solutions Inc. has a 12 month low of $1.52 and a 12 month high of $24.90. The firm has a market capitalization of $7.15 million, a P/E ratio of -0.26 and a beta of 4.21.

Intelligent Bio Solutions (NASDAQ:INBS) last announced its quarterly earnings results on Wednesday, August 19th. The company reported ($0.90) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.58) by $0.68. Intelligent Bio Solutions had a negative net margin of 294.88% and a negative return on equity of 175.35%. The firm had revenue of $1.15 million during the quarter, compared to analysts’ expectations of $1.22 million. On average, sell-side analysts anticipate that Intelligent Bio Solutions Inc. will post -5.18 EPS for the current year.

Intelligent Bio Solutions 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.