110,557 Shares in 908 Devices Inc. $MASS Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management acquired 110,557 shares of 908 Devices, worth approximately $962,000, giving it a 0.29% stake. Institutional investors collectively own 88.06% of the company.
• 908 Devices exceeded quarterly expectations, reporting a loss of $0.11 per share versus the forecasted $0.14 loss and revenue of $16.07 million versus the $15.37 million estimate. Despite the beat, the company remains unprofitable, with a negative net margin of 56.96%.
• Shares opened at $10.68, near their 12-month high, while analyst sentiment remains mixed: the consensus rating is Hold with a $12.50 target price. Two analysts issued Buy ratings, while one maintained a Sell rating.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of 908 Devices Inc. (NASDAQ:MASS - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 110,557 shares of the company's stock, valued at approximately $962,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.29% of 908 Devices as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MASS. Raymond James Financial Inc. purchased a new position in shares of 908 Devices in the second quarter worth about $48,000. Intelligence Driven Advisers LLC purchased a new stake in 908 Devices during the 1st quarter valued at about $61,000. Daiwa Securities Group Inc. purchased a new stake in 908 Devices during the 2nd quarter valued at about $61,000. PCM Encore LLC purchased a new stake in 908 Devices during the 4th quarter valued at about $62,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in 908 Devices in the 2nd quarter valued at about $77,000. Institutional investors and hedge funds own 88.06% of the company's stock.

908 Devices Price Performance

Shares of MASS stock opened at $10.68 on Friday. The firm's 50-day moving average is $8.54 and its two-hundred day moving average is $7.53. 908 Devices Inc. has a 12 month low of $5.03 and a 12 month high of $10.70. The company has a market capitalization of $441.40 million, a PE ratio of -11.24 and a beta of 0.66.

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of 908 Devices in a research note on Friday, August 7th. Stifel Nicolaus upped their price target on 908 Devices from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Wall Street Zen cut 908 Devices from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Finally, Roth Capital lifted their price objective on 908 Devices from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $12.50.

Insider Buying and Selling

In other 908 Devices news, CFO Joseph H. Iv Griffith sold 6,940 shares of the firm's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $9.03, for a total transaction of $62,668.20. Following the completion of the sale, the chief financial officer owned 132,956 shares of the company's stock, valued at $1,200,592.68. This trade represents a 4.96% 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, Director Christopher D. Brown sold 30,000 shares of 908 Devices stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $9.00, for a total value of $270,000.00. Following the completion of the sale, the director owned 895,559 shares in the company, valued at $8,060,031. This represents a 3.24% decrease in their position. 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 106,940 shares of company stock worth $949,714 over the last quarter. 28.20% of the stock is currently owned by insiders.

908 Devices Profile

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.

Want to see what other hedge funds are holding MASS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for 908 Devices Inc. (NASDAQ:MASS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source