Squarepoint Ops LLC Lowers Stock Position in 908 Devices Inc. $MASS

Key Points

• Squarepoint Ops LLC reduced its 908 Devices stake by 82.3% in the second quarter, selling 175,454 shares and retaining 37,739 shares worth about $328,000. Institutional investors collectively own 88.06% of the company.
• 908 Devices reported quarterly revenue of $16.07 million and an adjusted loss of $0.11 per share, beating analysts’ expectations for revenue of $15.37 million and a $0.14-per-share loss.
• The stock rose 2.8% to $11.18, near its 52-week high, while analyst sentiment remained a “Moderate Buy” with an average price target of $12.83; insiders, however, sold more than 109,000 shares in the last quarter.

Squarepoint Ops LLC cut its stake in shares of 908 Devices Inc. (NASDAQ:MASS - Free Report) by 82.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,739 shares of the company's stock after selling 175,454 shares during the period. Squarepoint Ops LLC owned approximately 0.09% of 908 Devices worth $328,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Gainline Financial Partners LLC acquired a new stake in 908 Devices in the 2nd quarter valued at approximately $107,000. AXQ Capital LP acquired a new position in 908 Devices during the second quarter worth $93,000. Bank of America Corp DE purchased a new position in shares of 908 Devices during the second quarter worth $2,184,000. AWM Investment Company Inc. purchased a new position in shares of 908 Devices during the second quarter worth $42,454,000. Finally, Meros Investment Management LP acquired a new stake in shares of 908 Devices in the second quarter valued at $3,143,902. 88.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at 908 Devices

In other news, Director Christopher D. Brown sold 30,000 shares of 908 Devices stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $10.58, for a total value of $317,400.00. Following the completion of the transaction, the director owned 775,559 shares in the company, valued at approximately $8,205,414.22. This trade represents a 3.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Joseph Griffith, IV sold 11,459 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $10.95, for a total value of $125,476.05. Following the transaction, the chief financial officer directly owned 121,497 shares of the company's stock, valued at approximately $1,330,392.15. This represents a 8.62% 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. Insiders have sold 109,115 shares of company stock valued at $1,074,996 in the last quarter. Corporate insiders own 28.20% of the company's stock.

908 Devices Stock Up 2.8%

NASDAQ:MASS opened at $11.18 on Wednesday. 908 Devices Inc. has a 52 week low of $5.03 and a 52 week high of $11.25. The company has a fifty day simple moving average of $9.33 and a two-hundred day simple moving average of $8.11. The company has a market cap of $462.07 million, a price-to-earnings ratio of -11.77 and a beta of 0.68.

908 Devices (NASDAQ:MASS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.11) earnings per share (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 analysts' expectations of $15.37 million. On average, analysts expect that 908 Devices Inc. will post -0.8 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on MASS. Canaccord Genuity Group initiated coverage on 908 Devices in a report on Thursday, September 10th. They issued a "buy" rating and a $13.50 price objective on the stock. Wall Street Zen cut 908 Devices from a "buy" rating to a "hold" rating in a report on Saturday, September 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of 908 Devices in a research report on Friday, August 7th. Roth Capital boosted their price target on shares of 908 Devices from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Finally, Stifel Nicolaus increased their price target on shares of 908 Devices from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, 908 Devices presently has a consensus rating of "Moderate Buy" and an average target price of $12.83.

About 908 Devices

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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