Analysts Set 908 Devices Inc. (NASDAQ:MASS) Target Price at $8.00

Key Points

• 908 Devices Inc. has received an average analyst rating of "Buy", with three analysts recommending a buy and one a strong buy, targeting a price of $8.00 within the next year.
• The company's recent quarterly earnings report showed a loss of ($0.18) per share, missing estimates and reporting revenues significantly below expectations at $4.70 million.
• Insider activity includes Director Mark Spoto increasing his stake by purchasing 10,000 shares at an average price of $4.29, while CFO Joseph H. Iv Griffith sold 6,940 shares at an average price of $7.08.

Shares of 908 Devices Inc. (NASDAQ:MASS - Get Free Report) have earned a consensus recommendation of "Buy" from the four brokerages that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $8.00.

Several analysts recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of 908 Devices in a research report on Tuesday, July 29th. Leerink Partners upgraded shares of 908 Devices from a "market perform" rating to an "outperform" rating and set a $12.00 target price on the stock in a research note on Tuesday, August 5th. Wall Street Zen cut shares of 908 Devices from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Leerink Partnrs upgraded shares of 908 Devices from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 5th.

Insiders Place Their Bets

In related news, Director Mark Spoto bought 10,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $4.29 per share, with a total value of $42,900.00. Following the completion of the acquisition, the director owned 62,971 shares of the company's stock, valued at $270,145.59. This represents a 18.88% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael S. Turner sold 7,148 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $7.51, for a total transaction of $53,681.48. Following the completion of the transaction, the insider directly owned 1,373 shares in the company, valued at $10,311.23. This trade represents a 83.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,543 shares of company stock worth $233,890. Company insiders own 23.70% of the company's stock.

Hedge Funds Weigh In On 908 Devices

Several hedge funds have recently modified their holdings of the stock. AWM Investment Company Inc. increased its position in 908 Devices by 210.6% in the first quarter. AWM Investment Company Inc. now owns 5,199,924 shares of the company's stock worth $23,296,000 after purchasing an additional 3,526,000 shares during the last quarter. ARK Investment Management LLC increased its position in 908 Devices by 4.0% during the first quarter. ARK Investment Management LLC now owns 2,899,347 shares of the company's stock valued at $12,989,000 after acquiring an additional 110,781 shares during the last quarter. First Light Asset Management LLC bought a new position in 908 Devices during the first quarter valued at $7,621,000. Geode Capital Management LLC increased its position in 908 Devices by 11.7% during the second quarter. Geode Capital Management LLC now owns 658,603 shares of the company's stock valued at $4,697,000 after acquiring an additional 68,764 shares during the last quarter. Finally, Invesco Ltd. bought a new position in 908 Devices during the first quarter valued at $2,910,000. Hedge funds and other institutional investors own 88.06% of the company's stock.

908 Devices Trading Up 0.6%

NASDAQ MASS traded up $0.04 during trading hours on Friday, hitting $6.47. 224,952 shares of the company's stock traded hands, compared to its average volume of 1,579,747. The business's fifty day moving average price is $6.89 and its two-hundred day moving average price is $5.01. The firm has a market capitalization of $232.01 million, a P/E ratio of -11.98 and a beta of 0.37. 908 Devices has a 52 week low of $1.81 and a 52 week high of $8.06.

908 Devices (NASDAQ:MASS - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The business had revenue of $4.70 million for the quarter, compared to the consensus estimate of $12.17 million. 908 Devices had a negative net margin of 30.54% and a negative return on equity of 24.30%. On average, sell-side analysts expect that 908 Devices will post -1.99 EPS for the current fiscal year.

908 Devices Company Profile

908 Devices Inc, a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, pharma/biopharma, forensics, and adjacent markets. The company's products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of solid, liquid, vapor, and aerosol materials of unknown identity; Rebel, a small desktop analyzer that provides real-time information on the extracellular environment in bioprocesses; and Maverick, an optical in-line analyzer that offers real-time monitoring and control of multiple bioprocess parameters, including glucose, lactate, and total biomass in mammalian cell cultures, as well as provides process fingerprint data to support large-scale efforts in predictive bioprocess modeling.