908 Devices (NASDAQ:MASS) Stock: Insider Christopher Brown Sells 30,000 Shares

Key Points

• Director Christopher Brown sold 30,000 shares of 908 Devices at an average price of $11.89, generating $356,700. The sale, conducted under a pre-arranged Rule 10b5-1 plan, reduced his holdings by 3.87% to 745,559 shares.
• 908 Devices shares rose 4.3% to $12.05, near the company’s $13.35 52-week high. The company exceeded quarterly earnings and revenue expectations, though it continues to report negative margins and analysts expect a full-year loss.
• Institutional investors own 88.06% of the stock, while analyst sentiment remains a Moderate Buy with a consensus price target of $12.83; individual targets range from $12.00 to $13.50, alongside one sell rating.

908 Devices Inc. (NASDAQ:MASS - Get Free Report) Director Christopher Brown sold 30,000 shares of the stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $11.89, for a total transaction of $356,700.00. Following the sale, the director owned 745,559 shares in the company, valued at approximately $8,864,696.51. This trade represents a 3.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

908 Devices Stock Up 4.3%

MASS stock traded up $0.50 during midday trading on Friday, reaching $12.05. The company had a trading volume of 323,080 shares, compared to its average volume of 336,948. The stock has a 50 day moving average price of $10.44 and a 200 day moving average price of $8.60. 908 Devices Inc. has a fifty-two week low of $5.03 and a fifty-two week high of $13.35. The firm has a market capitalization of $498.07 million, a PE ratio of -12.68 and a beta of 0.63.

908 Devices (NASDAQ:MASS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.03. The business had revenue of $16.07 million for the quarter, compared to analysts' expectations of $15.37 million. 908 Devices had a negative return on equity of 12.54% and a negative net margin of 56.96%. Research analysts predict that 908 Devices Inc. will post -0.59 EPS for the current year.

Institutional Trading of 908 Devices

A number of hedge funds and other institutional investors have recently made changes to their positions in MASS. AWM Investment Company Inc. acquired a new stake in 908 Devices during the 2nd quarter worth about $42,454,000. BlackRock Inc. acquired a new stake in shares of 908 Devices during the second quarter worth approximately $16,915,000. First Light Asset Management LLC boosted its holdings in shares of 908 Devices by 25.6% during the first quarter. First Light Asset Management LLC now owns 6,072,563 shares of the company's stock worth $37,164,000 after purchasing an additional 1,236,377 shares during the period. Granahan Investment Management LLC grew its position in 908 Devices by 662.6% during the first quarter. Granahan Investment Management LLC now owns 695,070 shares of the company's stock valued at $4,254,000 after purchasing an additional 603,929 shares in the last quarter. Finally, Needham Investment Management LLC increased its stake in 908 Devices by 246.8% in the 4th quarter. Needham Investment Management LLC now owns 770,000 shares of the company's stock valued at $4,042,000 after buying an additional 548,000 shares during the period. 88.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Roth Capital upped their price target on shares of 908 Devices from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of 908 Devices in a research note on Friday, August 7th. Canaccord Genuity Group began coverage on shares of 908 Devices in a research report on Thursday, September 10th. They issued a "buy" rating and a $13.50 target price for the company. Stifel Nicolaus raised their price target on shares of 908 Devices from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen cut 908 Devices from a "buy" rating to a "hold" rating in a report on Saturday, September 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.83.

About 908 Devices

908 Devices Inc is a Boston-based technology company that develops and manufactures handheld and portable chemical detection and analysis instruments. Its products are designed to help users identify and characterize chemical substances in the field, at industrial sites and in laboratory settings without requiring samples to be transported to a centralized facility.

The company's product portfolio includes the MX908 and related devices for detecting and identifying trace chemicals, explosives, narcotics and other substances; the Xplora platform for field and process analysis; and ZipChip technologies used for rapid, high-resolution separations in life sciences and biopharmaceutical research.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.