ARK Investment Management LLC Lowers Stock Holdings in 908 Devices Inc. $MASS

Key Points

• ARK Investment Management LLC reduced its stake in 908 Devices Inc. by 8.7% during the second quarter, now holding 2,648,278 shares valued at approximately $18.88 million.
• Recent insider trading includes CFO Joseph H. Iv Griffith selling 5,000 shares, representing a 4.86% decrease in his ownership, while insiders collectively own 23.70% of the stock.
• Despite a negative earnings report with an EPS of ($0.18), analysts have mixed ratings with one Strong Buy and three Buy ratings, reflecting a consensus rating of "Moderate Buy" with a price target of $8.00.

ARK Investment Management LLC reduced its stake in shares of 908 Devices Inc. (NASDAQ:MASS - Free Report) by 8.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,648,278 shares of the company's stock after selling 251,069 shares during the quarter. ARK Investment Management LLC owned 7.39% of 908 Devices worth $18,882,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Old Port Advisors bought a new position in shares of 908 Devices during the second quarter valued at about $525,000. AQR Capital Management LLC bought a new position in shares of 908 Devices during the first quarter valued at about $365,000. AWM Investment Company Inc. grew its stake in shares of 908 Devices by 210.6% during the first quarter. AWM Investment Company Inc. now owns 5,199,924 shares of the company's stock valued at $23,296,000 after buying an additional 3,526,000 shares during the last quarter. First Light Asset Management LLC bought a new position in shares of 908 Devices during the first quarter valued at about $7,621,000. Finally, PDT Partners LLC bought a new position in shares of 908 Devices during the first quarter valued at about $186,000. 88.06% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Joseph H. Iv Griffith sold 5,000 shares of 908 Devices stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $7.07, for a total transaction of $35,350.00. Following the completion of the transaction, the chief financial officer directly owned 97,930 shares in the company, valued at approximately $692,365.10. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 10,000 shares of company stock worth $80,593 in the last ninety days. 23.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MASS has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 908 Devices in a research note on Wednesday, October 8th. Wall Street Zen upgraded 908 Devices from a "sell" rating to a "hold" rating in a report on Monday, September 15th. Leerink Partners upgraded 908 Devices from a "market perform" rating to an "outperform" rating and set a $12.00 price target on the stock in a report on Tuesday, August 5th. Finally, Leerink Partnrs upgraded 908 Devices from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, 908 Devices presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.00.

908 Devices Stock Performance

908 Devices stock opened at $8.77 on Wednesday. The stock's 50 day simple moving average is $7.18 and its two-hundred day simple moving average is $6.41. The stock has a market cap of $314.49 million, a price-to-earnings ratio of -16.24 and a beta of 0.46. 908 Devices Inc. has a fifty-two week low of $1.81 and a fifty-two week high of $9.34.

908 Devices (NASDAQ:MASS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.02). The firm 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%. 908 Devices has set its FY 2025 guidance at EPS. On average, analysts predict that 908 Devices Inc. will post -1.99 earnings per share for the current year.

908 Devices 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.

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