In the last trading session, 13.54 million shares of the T2 Biosystems Inc. (NASDAQ:TTOO) were traded, and its beta was 0.34. Most recently the company’s share price was $0.17, and it changed around -$0.11 or -38.51% from the last close, which brings the market valuation of the company to $3.55M. TTOO currently trades at a discount to its 52-week high of $15.00, offering almost -8723.53% off that amount. The share price’s 52-week low was $0.26, which indicates that the current value has fallen by an impressive -52.94% since then. We note from T2 Biosystems Inc.’s average daily trading volume that its 10-day average is 1.93 million shares, with the 3-month average coming to 605.55K.
T2 Biosystems Inc. stock received a consensus recommendation rating of a Hold, based on a mean score of 3.00. If we narrow it down even further, the data shows that 0 out of 3 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 3 recommended TTOO as a Hold, whereas 0 deemed it a Buy, and 0 rated it as Underweight. T2 Biosystems Inc. is expected to report earnings per share of -$0.82 for the current quarter.
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T2 Biosystems Inc. (NASDAQ:TTOO) trade information
Instantly TTOO has showed a red trend with a performance of -38.51% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of 0.2900 on Tuesday, 05/23/23 increased the stock’s daily price by 41.38%. The company’s shares are currently down -87.75% year-to-date, but still down -34.50% over the last five days. On the other hand, T2 Biosystems Inc. (NASDAQ:TTOO) is -50.69% down in the 30-day period. We can see from the shorts that 0.5 million shares have been sold at a short interest cover period of 1.36 day(s).
The consensus price target as assigned by Wall Street analysts is $0.43, which translates to bulls needing to increase their stock price by 60.47% from its current value. Analyst projections state that TTOO is forecast to be at a low of $0.20 and a high of $0.65. In order for the stock price to hit the forecast high, the stock would need to plunge -282.35% from its current level, while the stock would need to crash -17.65% from its current level to reach the projected low.
T2 Biosystems Inc. (TTOO) estimates and forecasts
Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will gain 83.60% in revenue this quarter, and will report an increase of 76.30% in the next quarter. The year-over-year growth rate is expected to be -38.40%, down from the previous year.
Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $2.57 million in revenue for the current quarter. 3 analysts expect T2 Biosystems Inc. to make $3.77 million in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $5.91 million and $5.9 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -56.50%. Forecasts for the next quarter put sales growth at -36.10%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 33.90%.
T2 Biosystems Inc.’s next quarterly earnings report is expected to be released on May 15.
T2 Biosystems Inc. (NASDAQ:TTOO)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 0.85% of T2 Biosystems Inc. shares, and 6.97% of them are in the hands of institutional investors. The stock currently has a share float of 7.03%. T2 Biosystems Inc. stock is held by 28 institutions, with Sabby Management, LLC being the largest institutional investor. By Mar 30, 2023, it held 3.70% of the shares, which is about 0.75 million shares worth $0.34 million.
Hudson Bay Capital Management Lp, with 3.21% or 0.65 million shares worth $0.3 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.
Vanguard Total Stock Market Index Fund and Vanguard Extended Market Index Fund were the top two Mutual Funds as of Dec 30, 2022. The former held 0.13 million shares worth $0.19 million, making up 0.65% of all outstanding shares. On the other hand, Vanguard Extended Market Index Fund held roughly 43087.0 shares worth around $61183.0, which represents about 0.21% of the total shares outstanding.