Nikko Asset Management Americas Inc. Trims Stake in 908 Devices Inc. (NASDAQ:MASS)

Key Points

• Nikko Asset Management Americas Inc. has reduced its stake in 908 Devices Inc. by 11.7%, selling 54,853 shares during the first quarter, which leaves them owning approximately 1.15% of the company.
• Insider activity showed a significant sale by Michael S. Turner, who decreased his holdings by 83.89%, while Director Mark Spoto increased his ownership by 18.88% with a purchase of 10,000 shares.
• Analysts maintain a “Moderate Buy” consensus rating for 908 Devices, with a current average target price of $5.33, despite a recent "sell" rating from Weiss Ratings.

Nikko Asset Management Americas Inc. reduced its position in 908 Devices Inc. (NASDAQ:MASS - Free Report) by 11.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 412,574 shares of the company's stock after selling 54,853 shares during the period. Nikko Asset Management Americas Inc. owned approximately 1.15% of 908 Devices worth $1,828,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in shares of 908 Devices by 4.0% in the 1st quarter. Bank of New York Mellon Corp now owns 51,915 shares of the company's stock worth $233,000 after purchasing an additional 1,985 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of 908 Devices by 32.2% during the 4th quarter. Hsbc Holdings PLC now owns 21,007 shares of the company's stock valued at $46,000 after purchasing an additional 5,112 shares during the last quarter. CWM LLC increased its position in shares of 908 Devices by 541.2% during 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 last quarter. LPL Financial LLC increased its position in shares of 908 Devices by 13.0% during the 4th quarter. LPL Financial LLC now owns 63,287 shares of the company's stock valued at $139,000 after purchasing an additional 7,295 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of 908 Devices during the 1st quarter valued at $45,000. 88.06% of the stock is currently owned by institutional investors.

908 Devices Stock Performance

NASDAQ:MASS traded down $0.01 during mid-day trading on Wednesday, reaching $6.94. The stock had a trading volume of 70,958 shares, compared to its average volume of 1,656,633. The firm has a 50 day moving average price of $6.68 and a two-hundred day moving average price of $4.75. The stock has a market capitalization of $248.87 million, a P/E ratio of -12.74 and a beta of 0.38. 908 Devices Inc. has a one year low of $1.81 and a one year high of $8.06.

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

Insider Buying and Selling

In other news, insider Michael S. Turner sold 7,148 shares of the company's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $7.51, for a total transaction of $53,681.48. Following the transaction, the insider directly owned 1,373 shares of the company's stock, valued at $10,311.23. This represents a 83.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark Spoto bought 10,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was purchased at an average cost of $4.29 per share, for a total transaction of $42,900.00. Following the acquisition, the director owned 62,971 shares of the company's stock, valued at $270,145.59. This trade 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 valued at $233,890 over the last ninety days. Company insiders own 23.70% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of 908 Devices in a report on Tuesday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.