Why Intelligent Bio Solutions Stock Is Ripping Higher
Portfolio Pulse from Erica Kollmann
Intelligent Bio Solutions Inc. (NASDAQ:INBS) shares surged after reporting a significant increase in revenue for Q2 and the first six months of the fiscal year, attributed to the acquisition of Intelligent Fingerprinting Ltd. and growth in the Asia Pacific region. Revenue from sales of goods jumped 114% year-over-year for the quarter and 337% for the six months ended Dec. 31, 2023. The company's CEO highlighted substantial growth in product sales and global expansion. A high short interest of 45.66% in INBS shares, coupled with heavy trading volume, may be fueling the stock's sharp rise.
February 09, 2024 | 4:57 pm
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Intelligent Bio Solutions Inc. reported a significant revenue increase in Q2 and the first six months, driven by strategic acquisitions and market expansion, leading to a sharp rise in its stock price.
The substantial revenue growth reported by Intelligent Bio Solutions, attributed to strategic acquisitions and market expansion, directly impacts the company's financial health and investor sentiment. The high short interest in INBS shares, combined with this positive earnings report, likely triggered a short squeeze, further amplifying the stock's upward movement. Given these factors, the stock is likely to experience continued short-term positive momentum.
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