In the last trading session, 66.56 million T2 Biosystems Inc. (NASDAQ:TTOO) shares changed hands as the company’s beta touched 0.28. With the company’s per share price at $0.28 changed hands at $0.02 or 6.08% during last session, the market valuation stood at $87.26M. TTOO’s last price was a discount, traded about -2128.57% off its 52-week high of $6.24. The share price had its 52-week low at $0.05, which suggests the last value was 82.14% up since then. When we look at T2 Biosystems Inc.’s average trading volume, we note the 10-day average is 48.8 million shares, with the 3-month average coming to 107.50 million.
Analysts gave the T2 Biosystems Inc. (TTOO) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 3.00. If we narrow down to specifics, the data shows that 0 out of 2 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 2 recommended TTOO as a Hold, 0 felt it is a Buy and 0 rated the stock as Underweight. T2 Biosystems Inc.’s EPS for the current quarter is expected to be -$0.04.
T2 Biosystems Inc. (NASDAQ:TTOO) trade information
Instantly TTOO was in green as seen at the end of in last trading. With action -8.64%, the performance over the past five days has been red. The jump to weekly highs of 0.3265 on Friday, 09/15/23 added 6.08% to the stock’s daily price. The company’s shares are showing year-to-date downside of -80.48%, with the 5-day performance at -8.64% in the red. However, in the 30-day time frame, T2 Biosystems Inc. (NASDAQ:TTOO) is -51.27% down. Looking at the short shares, we see there were 24.51 million shares sold at short interest cover period of 0.15 days.
The consensus price target for the stock as assigned by Wall Street analysts is $0.15, meaning bulls need a downside of -86.67% from its current market value. According to analyst projections, TTOO’s forecast low is $0.12 with $0.18 as the target high. To hit the forecast high, the stock’s price needs a 35.71% surge from its current level, while the stock would need to tank 57.14% for it to hit the projected low.
T2 Biosystems Inc. (TTOO) estimates and forecasts
Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for T2 Biosystems Inc. will rise 98.60%, while the growth in revenue is estimated to hit 97.90% for the next quarter. Year-over-year growth is forecast to reach -55.20% down from the last financial year.
Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $2.6 million. 1 analysts are of the opinion that T2 Biosystems Inc.’s revenue for the quarter ending Dec 2023 will be $3.4 million. The company’s revenue for the corresponding quarters a year ago was $5.9 million and $5.48 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -55.90%. The estimates for the next quarter sales put growth at -38.00%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 33.90%. The 2023 estimates are for T2 Biosystems Inc. earnings to increase by 21.10%.
T2 Biosystems Inc. is expected to release its next quarterly earnings report between November 08 and November 13.
T2 Biosystems Inc. (NASDAQ:TTOO)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 0.74% of T2 Biosystems Inc. shares while 19.48% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 19.62%. There are 19.48% institutions holding the T2 Biosystems Inc. stock share, with Gsa Capital Partners Llp the top institutional holder. As of Jun 29, 2023, the company held 1.21% of the shares, roughly 4.04 million TTOO shares worth $1.12 million.
Acadian Asset Management. LLC holds the second largest percentage of outstanding shares, with 0.29% or 0.95 million shares worth $0.26 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of May 30, 2023 were Fidelity Extended Market Index Fund and Fidelity Series Total Market Index Fund. With 17191.0 shares estimated at $4765.0 under it, the former controlled 0.01% of total outstanding shares. On the other hand, Fidelity Series Total Market Index Fund held about 0.00% of the shares, roughly 9369.0 shares worth around $2597.0.