908 Devices Inc. (NASDAQ:MASS) Shares Purchased by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC increased its holdings in 908 Devices by 4.0%, owning 2,899,347 shares valued at approximately $12.99 million at the end of the most recent quarter.
• Insider Michael S. Turner sold 16,082 shares at an average price of $7.51, significantly reducing his position by 65.37%.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for 908 Devices, with a target price of $5.33 amidst ongoing fluctuations in stock value.

ARK Investment Management LLC grew its stake in 908 Devices Inc. (NASDAQ:MASS - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,899,347 shares of the company's stock after purchasing an additional 110,781 shares during the period. ARK Investment Management LLC owned about 8.11% of 908 Devices worth $12,989,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. AWM Investment Company Inc. lifted its position in shares of 908 Devices by 6.3% during the 4th quarter. AWM Investment Company Inc. now owns 1,673,924 shares of the company's stock valued at $3,683,000 after buying an additional 99,594 shares in the last quarter. Geode Capital Management LLC increased its position in shares of 908 Devices by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 581,300 shares of the company's stock worth $1,279,000 after purchasing an additional 13,512 shares during the last quarter. Northern Trust Corp increased its position in shares of 908 Devices by 7.5% during the 4th quarter. Northern Trust Corp now owns 200,764 shares of the company's stock worth $442,000 after purchasing an additional 14,087 shares during the last quarter. Needham Investment Management LLC increased its position in shares of 908 Devices by 100.0% during the 4th quarter. Needham Investment Management LLC now owns 200,000 shares of the company's stock worth $440,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. increased its position in shares of 908 Devices by 26.7% during the 1st quarter. Prescott Group Capital Management L.L.C. now owns 190,005 shares of the company's stock worth $851,000 after purchasing an additional 40,005 shares during the last quarter. Hedge funds and other institutional investors own 88.06% of the company's stock.

908 Devices Trading Up 0.3%

Shares of NASDAQ:MASS traded up $0.02 on Wednesday, hitting $6.97. The company had a trading volume of 95,220 shares, compared to its average volume of 1,656,830. 908 Devices Inc. has a 52-week low of $1.81 and a 52-week high of $8.06. The business has a 50 day moving average of $6.68 and a 200 day moving average of $4.75. The company has a market cap of $249.94 million, a PE ratio of -12.84 and a beta of 0.38.

908 Devices (NASDAQ:MASS - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.22) EPS for the quarter, topping analysts' consensus estimates of ($0.27) by $0.05. The company had revenue of $11.78 million for the quarter, compared to the consensus estimate of $11.90 million. 908 Devices had a negative return on equity of 27.10% and a negative net margin of 28.80%. As a group, equities analysts predict that 908 Devices Inc. will post -1.99 EPS for the current year.

Insider Transactions at 908 Devices

In other news, CFO Joseph H. Iv Griffith sold 6,940 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $7.08, for a total value of $49,135.20. Following the completion of the sale, the chief financial officer owned 102,930 shares in the company, valued at approximately $728,744.40. This trade represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark Spoto bought 10,000 shares of the stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $4.29 per share, with a total value of $42,900.00. Following the purchase, the director owned 62,971 shares of the company's stock, valued at approximately $270,145.59. This represents a 18.88% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 31,543 shares of company stock worth $233,890 in the last three months. 23.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of 908 Devices in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $5.33.

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.