Bank of America Corp DE Purchases New Holdings in 908 Devices Inc. $MASS

Key Points

• Bank of America acquired 251,027 shares of 908 Devices during the second quarter, valued at approximately $2.18 million and representing 0.61% of the company. Institutional investors collectively own 88.06% of the stock.
• 908 Devices reported quarterly revenue of $16.07 million and an adjusted loss of $0.11 per share, beating analysts’ estimates of $15.37 million and a $0.14 loss, respectively. Analysts expect a full-year loss of $0.80 per share.
• The stock opened at $12.34, near its 52-week high of $12.47, while analyst opinions remain mixed but lean positive: the consensus rating is “Moderate Buy” with an average price target of $12.83.

Bank of America Corp DE purchased a new position in shares of 908 Devices Inc. (NASDAQ:MASS - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 251,027 shares of the company's stock, valued at approximately $2,184,000. Bank of America Corp DE owned 0.61% of 908 Devices as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. AWM Investment Company Inc. purchased a new position in shares of 908 Devices in the 2nd quarter worth $42,454,000. Meros Investment Management LP purchased a new stake in 908 Devices during the second quarter valued at about $3,143,902. Legal & General Group Plc purchased a new stake in 908 Devices during the second quarter valued at about $27,000. Allworth Financial LP acquired a new stake in 908 Devices during the second quarter worth about $29,000. Finally, PCM Encore LLC acquired a new stake in 908 Devices during the second quarter worth about $103,000. Institutional investors and hedge funds own 88.06% of the company's stock.

Insider Activity

In other 908 Devices news, 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 in the company, valued at $1,330,392.15. The trade was a 8.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP John Kenneweg sold 21,399 shares of the company's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $10.11, for a total transaction of $216,343.89. Following the completion of the transaction, the senior vice president directly owned 57,784 shares of the company's stock, valued at approximately $584,196.24. The trade was a 27.02% 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. Over the last three months, insiders sold 106,915 shares of company stock worth $1,055,152. 28.20% of the stock is currently owned by company insiders.

908 Devices Price Performance

Shares of NASDAQ MASS opened at $12.34 on Thursday. 908 Devices Inc. has a 1-year low of $5.03 and a 1-year high of $12.47. The business has a 50-day moving average of $9.84 and a 200-day moving average of $8.34. The company has a market capitalization of $510.01 million, a price-to-earnings ratio of -12.99 and a beta of 0.68.

908 Devices (NASDAQ:MASS - Get Free Report) last announced its 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. 908 Devices had a negative return on equity of 12.54% and a negative net margin of 56.96%.The business had revenue of $16.07 million for the quarter, compared to the consensus estimate of $15.37 million. Research analysts expect that 908 Devices Inc. will post -0.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on MASS. Roth Capital raised 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. Wall Street Zen downgraded shares of 908 Devices from a "buy" rating to a "hold" rating in a research report on Saturday, September 12th. Canaccord Genuity Group assumed coverage on shares of 908 Devices in a report on Thursday, September 10th. They issued a "buy" rating and a $13.50 price target on the stock. Stifel Nicolaus lifted their price target on shares of 908 Devices from $10.00 to $12.00 and gave the company a "buy" rating in a research 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 analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $12.83.

908 Devices Company Profile

908 Devices Inc develops purpose-built chemical and biological analysis instruments designed to deliver laboratory-quality information in the field, at manufacturing sites and in other nonlaboratory settings. The company's technologies are intended to help users identify and characterize substances quickly without transporting samples to a centralized laboratory.

Its product portfolio includes handheld and portable mass spectrometry systems such as the MX908 and M908 platforms, which are designed for applications including the detection and identification of narcotics, explosives, chemical warfare agents and other hazardous substances.

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