Essex Investment Management Co. LLC Purchases New Holdings in 908 Devices Inc. (NASDAQ:MASS)

Key Points

• Essex Investment Management Co. LLC acquired 480,549 shares of 908 Devices Inc., representing a stake valued at approximately $2.15 million, amounting to about 1.34% ownership.
• The stock of 908 Devices has experienced fluctuations, with a current market cap of $262.86 million and a twelve-month trading range between $1.81 and $8.06.
• Insiders, including CFO Joseph H. Iv Griffith, have sold a total of 31,543 shares over the past 90 days, indicating significant movements within company ownership.

Essex Investment Management Co. LLC purchased a new stake in 908 Devices Inc. (NASDAQ:MASS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 480,549 shares of the company's stock, valued at approximately $2,153,000. Essex Investment Management Co. LLC owned 1.34% of 908 Devices as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. CWM LLC lifted its stake in shares of 908 Devices by 541.2% in the 1st quarter. CWM LLC now owns 6,963 shares of the company's stock valued at $31,000 after purchasing an additional 5,877 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in shares of 908 Devices in the 1st quarter valued at $45,000. Two Sigma Advisers LP acquired a new position in shares of 908 Devices in the 4th quarter valued at $30,000. Prudential Financial Inc. acquired a new position in shares of 908 Devices in the 4th quarter valued at $34,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of 908 Devices in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 88.06% of the company's stock.

Insider Buying and Selling at 908 Devices

In other news, insider Michael S. Turner sold 7,148 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $7.51, for a total value of $53,681.48. Following the completion of the transaction, the insider owned 1,373 shares in the company, valued at $10,311.23. This trade represents a 83.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark Spoto acquired 10,000 shares of the firm's 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 acquisition, the director directly owned 62,971 shares in the company, valued at $270,145.59. This represents a 18.88% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 31,543 shares of company stock valued at $233,890 in the last 90 days. 23.70% of the stock is currently owned by company insiders.

908 Devices Stock Down 1.2%

908 Devices stock traded down $0.08 during mid-day trading on Friday, hitting $6.47. 164,274 shares of the company's stock were exchanged, compared to its average volume of 1,638,628. The firm has a market capitalization of $232.13 million, a P/E ratio of -12.03 and a beta of 0.38. 908 Devices Inc. has a fifty-two week low of $1.81 and a fifty-two week high of $8.06. The company's 50 day simple moving average is $6.76 and its 200-day simple moving average is $4.80.

908 Devices (NASDAQ:MASS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.05. The business 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%. Research analysts expect that 908 Devices Inc. will post -1.99 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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 assigned a buy rating to the company. According to MarketBeat.com, 908 Devices currently has a consensus rating of "Moderate Buy" and a consensus target price of $5.33.

About 908 Devices

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.