908 Devices (NASDAQ:MASS) Hits New 52-Week High – What’s Next?

908 Devices Inc. (NASDAQ:MASS)’s stock price hit a new 52-week high during mid-day trading on Tuesday. The stock traded as high as $13.30 and last traded at $12.8250, with a volume of 39458 shares. The stock had previously closed at $12.80.

Analyst Ratings Changes

Several research firms recently weighed in on MASS. Wall Street Zen downgraded 908 Devices from a “buy” rating to a “hold” rating in a report on Saturday, September 12th. Roth Capital upped their target price on 908 Devices from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Stifel Nicolaus lifted their price target on 908 Devices from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Canaccord Genuity Group started coverage on 908 Devices in a report on Thursday, September 10th. They set a “buy” rating and a $13.50 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 908 Devices in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.83.

908 Devices Stock Down 4.5%

The company has a market cap of $486.87 million, a P/E ratio of -12.40 and a beta of 0.63. The firm’s 50 day moving average is $10.36 and its two-hundred day moving average is $8.56.

908 Devices (NASDAQ:MASS) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. The business had revenue of $16.07 million during the quarter, compared to the consensus estimate of $15.37 million. 908 Devices had a negative return on equity of 12.54% and a negative net margin of 56.96%. As a group, research analysts forecast that 908 Devices Inc. will post -0.59 EPS for the current fiscal year.

Insider Activity

In related news, Director Christopher Brown sold 30,000 shares of 908 Devices stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $10.58, for a total value of $317,400.00. Following the transaction, the director directly owned 775,559 shares of the company’s stock, valued at $8,205,414.22. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Joseph H. Iv Griffith sold 11,459 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $10.95, for a total value of $125,476.05. Following the completion of the sale, the chief financial officer owned 121,497 shares in the company, valued at $1,330,392.15. The trade was a 8.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 106,915 shares of company stock valued at $1,055,152. Company insiders own 28.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. First Light Asset Management LLC boosted its stake in shares of 908 Devices by 3.5% in the 2nd quarter. First Light Asset Management LLC now owns 6,282,804 shares of the company’s stock valued at $54,660,000 after purchasing an additional 210,241 shares during the last quarter. AWM Investment Company Inc. bought a new position in 908 Devices during the second quarter worth $42,454,000. BlackRock Inc. acquired a new position in 908 Devices in the second quarter valued at $16,915,000. Needham Investment Management LLC lifted its holdings in 908 Devices by 246.8% in the fourth quarter. Needham Investment Management LLC now owns 770,000 shares of the company’s stock valued at $4,042,000 after buying an additional 548,000 shares during the period. Finally, Granahan Investment Management LLC boosted its position in 908 Devices by 662.6% during the first quarter. Granahan Investment Management LLC now owns 695,070 shares of the company’s stock valued at $4,254,000 after acquiring an additional 603,929 shares during the last quarter. Institutional investors own 88.06% of the company’s stock.

About 908 Devices

908 Devices Inc is a Boston-based technology company that develops and manufactures handheld and portable chemical detection and analysis instruments. Its products are designed to help users identify and characterize chemical substances in the field, at industrial sites and in laboratory settings without requiring samples to be transported to a centralized facility.

The company’s product portfolio includes the MX908 and related devices for detecting and identifying trace chemicals, explosives, narcotics and other substances; the Xplora platform for field and process analysis; and ZipChip technologies used for rapid, high-resolution separations in life sciences and biopharmaceutical research.