Legato Capital Management LLC Takes Position in 908 Devices Inc. (NASDAQ:MASS)

Legato Capital Management LLC bought a new stake in shares of 908 Devices Inc. (NASDAQ:MASS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 142,442 shares of the company's stock, valued at approximately $638,000. Legato Capital Management LLC owned 0.40% of 908 Devices as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. AWM Investment Company Inc. lifted its stake in 908 Devices by 6.3% in the 4th quarter. AWM Investment Company Inc. now owns 1,673,924 shares of the company's stock worth $3,683,000 after purchasing an additional 99,594 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 valued at $1,279,000 after purchasing an additional 13,512 shares during the last quarter. Northern Trust Corp grew its holdings 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 valued at $442,000 after purchasing an additional 14,087 shares during the last quarter. Needham Investment Management LLC grew its holdings 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 valued at $440,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in 908 Devices by 118.9% in the 4th quarter. Jane Street Group LLC now owns 113,890 shares of the company's stock worth $251,000 after acquiring an additional 61,851 shares during the last quarter. 88.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 908 Devices in a research note on Saturday, July 12th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, 908 Devices currently has an average rating of "Moderate Buy" and a consensus target price of $5.33.

908 Devices Stock Performance

Shares of MASS traded down $0.07 during mid-day trading on Monday, hitting $7.36. 65,970 shares of the company traded hands, compared to its average volume of 1,676,994. 908 Devices Inc. has a 1 year low of $1.81 and a 1 year high of $8.06. The stock has a market cap of $263.75 million, a price-to-earnings ratio of -13.58 and a beta of 0.38. The stock has a 50-day moving average price of $6.59 and a two-hundred day moving average price of $4.70.

908 Devices (NASDAQ:MASS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.22) earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.05. The business had revenue of $11.78 million during the quarter, compared to analyst estimates of $11.90 million. 908 Devices had a negative net margin of 28.80% and a negative return on equity of 27.10%. On average, analysts forecast that 908 Devices Inc. will post -1.99 EPS for the current year.

Insider Buying and Selling

In related news, CFO Joseph H. Iv Griffith sold 6,940 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $7.08, for a total transaction of $49,135.20. Following the sale, the chief financial officer owned 102,930 shares of the company's stock, valued at $728,744.40. This represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Spoto purchased 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average cost of $4.29 per share, for a total transaction of $42,900.00. Following the purchase, the director owned 62,971 shares of the company's stock, 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. Over the last quarter, insiders sold 31,543 shares of company stock worth $233,890. 23.70% of the stock is owned by insiders.

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.