908 Devices (NASDAQ:MASS) Now Covered by Canaccord Genuity Group

Key Points

• Canaccord Genuity initiated coverage of 908 Devices with a “buy” rating and a $13.50 price target, implying approximately 39% upside from the prior close.
• Analyst sentiment is generally positive, with three buy ratings and one sell rating producing a “moderate buy” consensus and an average price target of $12.83.
• 908 Devices exceeded quarterly expectations, reporting adjusted EPS of $(0.11) versus estimates of $(0.14) and revenue of $16.07 million versus the $15.37 million consensus; however, insiders sold $884,422 of stock over the past 90 days.

Equities research analysts at Canaccord Genuity Group assumed coverage on shares of 908 Devices (NASDAQ:MASS - Get Free Report) in a research note issued to investors on Thursday, Benzinga reports. The firm set a "buy" rating and a $13.50 price target on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 39.32% from the company's previous close.

Several other analysts have also recently issued reports on MASS. Roth Capital raised their target price on 908 Devices from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Stifel Nicolaus upped their target price on 908 Devices from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 908 Devices in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of 908 Devices from a "hold" rating to a "buy" rating in a research note on Saturday, August 29th. 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 data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $12.83.

908 Devices Stock Performance

MASS stock opened at $9.69 on Thursday. The firm has a market cap of $400.49 million, a P/E ratio of -10.20 and a beta of 0.68. The firm's fifty day moving average is $8.97 and its 200 day moving average is $7.89. 908 Devices has a 52 week low of $5.03 and a 52 week high of $11.25.

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

Insider Activity at 908 Devices

In other news, Director Christopher D. Brown sold 30,000 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $10.58, for a total value of $317,400.00. Following the sale, the director owned 775,559 shares of the company's stock, valued at approximately $8,205,414.22. This represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 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 transaction, the chief financial officer owned 121,497 shares of the company's stock, valued at approximately $1,330,392.15. The trade was a 8.62% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 91,359 shares of company stock valued at $884,422 over the last ninety days. Corporate insiders own 28.20% of the company's stock.

Institutional Investors Weigh In On 908 Devices

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Light Asset Management LLC increased its holdings in 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 worth $54,660,000 after buying an additional 210,241 shares during the period. California State Teachers Retirement System lifted its holdings in shares of 908 Devices by 128.3% in the 2nd quarter. California State Teachers Retirement System now owns 3,384 shares of the company's stock valued at $29,000 after buying an additional 1,902 shares during the period. Gainline Financial Partners LLC purchased a new stake in 908 Devices in the 2nd quarter worth approximately $107,000. AXQ Capital LP acquired a new stake in 908 Devices during the second quarter valued at $93,000. Finally, Bank of America Corp DE acquired a new stake in 908 Devices in the second quarter valued at approximately $2,184,000. 88.06% of the stock is currently 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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