908 Devices (NASDAQ:MASS) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded 908 Devices to “Hold” from “Buy,” though the broader analyst consensus remains “Moderate Buy” with an average price target of $12.83.
• Shares opened at $9.52, while recent analyst targets range from $12.00 to $13.50. The company beat quarterly expectations, reporting an adjusted loss of $0.11 per share and revenue of $16.07 million.
• Insiders sold 91,359 shares worth $884,422 over the past 90 days under pre-arranged trading plans, while institutional investors own 88.06% of the company.

908 Devices (NASDAQ:MASS - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently weighed in on the stock. Stifel Nicolaus increased their price target on shares of 908 Devices from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group started coverage on shares of 908 Devices in a research note on Thursday. They set a "buy" rating and a $13.50 price objective for the company. Roth Capital upped their price objective on 908 Devices from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 908 Devices in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.83.

908 Devices Trading Up 1.8%

NASDAQ MASS opened at $9.52 on Friday. The business's 50-day moving average price is $9.00 and its 200 day moving average price is $7.92. 908 Devices has a twelve month low of $5.03 and a twelve month high of $11.25. The company has a market capitalization of $393.50 million, a PE ratio of -10.02 and a beta of 0.68.

908 Devices (NASDAQ:MASS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.03. The company had revenue of $16.07 million during the quarter, compared to analysts' expectations of $15.37 million. 908 Devices had a negative return on equity of 12.54% and a negative net margin of 56.96%. Equities analysts predict that 908 Devices will post -0.8 EPS for the current year.

Insider Activity at 908 Devices

In other 908 Devices news, Director Christopher D. Brown sold 30,000 shares of 908 Devices stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $10.58, for a total transaction 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Joseph Griffith, IV sold 11,459 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $10.95, for a total transaction of $125,476.05. Following the sale, the chief financial officer owned 121,497 shares of the company's stock, valued at approximately $1,330,392.15. This represents a 8.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 91,359 shares of company stock worth $884,422 in the last 90 days. 28.20% of the stock is currently owned by insiders.

Institutional Trading of 908 Devices

A number of institutional investors have recently added to or reduced their stakes in the business. First Light Asset Management LLC raised its position in 908 Devices by 3.5% in the second 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 period. California State Teachers Retirement System boosted its position in shares of 908 Devices by 128.3% in the second quarter. California State Teachers Retirement System now owns 3,384 shares of the company's stock worth $29,000 after buying an additional 1,902 shares during the period. Gainline Financial Partners LLC acquired a new stake in shares of 908 Devices in the second quarter valued at about $107,000. AXQ Capital LP acquired a new stake in 908 Devices in the second quarter valued at approximately $93,000. Finally, Bank of America Corp DE acquired a new position in shares of 908 Devices during the second quarter worth $2,184,000. 88.06% of the stock is owned by hedge funds and other institutional investors.

About 908 Devices

908 Devices Inc NASDAQ: MASS is a developer and manufacturer of portable analytical instruments designed to deliver rapid chemical detection in field and laboratory environments. The company's core focus lies in miniaturizing high-performance mass spectrometry and ion mobility spectrometry technologies, enabling users to perform on-site analysis that traditionally required benchtop equipment.

Key products in 908 Devices' portfolio include the MX908, a handheld high-resolution mass spectrometer capable of detecting and identifying a broad range of chemicals and explosives; the M908 portable mass spectrometer for laboratory or mobile units; and the ZipChip capillary electrophoresis system for high-throughput, microfluidic separations.

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