908 Devices (NASDAQ:MASS) Hits New 12-Month High - What's Next?

Key Points

• 908 Devices shares reached a new 52-week high, trading around $12.28 with a market capitalization of approximately $511 million.
• Analyst sentiment is generally positive, with three Buy ratings and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $12.83.
• The company beat quarterly expectations, reporting an adjusted loss of $0.11 per share versus the estimated $0.14 loss and revenue of $16.07 million; however, profitability remained weak, with a negative net margin of 56.96%.

908 Devices Inc. (NASDAQ:MASS - Get Free Report)'s stock price hit a new 52-week high on Wednesday. The company traded as high as $12.12 and last traded at $12.2840, with a volume of 80258 shares. The stock had previously closed at $11.85.

Analysts Set New Price Targets

A number of brokerages have recently commented on MASS. Weiss Ratings reissued a "sell (d-)" rating on shares of 908 Devices in a report on Friday, August 7th. Stifel Nicolaus upped their target price on 908 Devices from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Wall Street Zen downgraded 908 Devices from a "buy" rating to a "hold" rating in a report on Saturday, September 12th. Roth Capital lifted their price target on shares of 908 Devices from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Finally, Canaccord Genuity Group assumed coverage on shares of 908 Devices in a report on Thursday, September 10th. They set a "buy" rating and a $13.50 price objective for the company. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, 908 Devices presently has an average rating of "Moderate Buy" and a consensus target price of $12.83.

908 Devices Price Performance

The company has a market capitalization of $511.38 million, a price-to-earnings ratio of -13.06 and a beta of 0.68. The business has a fifty day moving average price of $9.73 and a 200 day moving average price of $8.29.

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, topping the consensus estimate of ($0.14) by $0.03. 908 Devices had a negative net margin of 56.96% and a negative return on equity of 12.54%. The business had revenue of $16.07 million for the quarter, compared to the consensus estimate of $15.37 million. As a group, sell-side analysts predict that 908 Devices Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Transactions at 908 Devices

In other news, CFO Joseph Griffith, IV sold 11,459 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $10.95, for a total transaction of $125,476.05. Following the completion of the transaction, the chief financial officer 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher D. Brown sold 30,000 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $10.58, for a total transaction of $317,400.00. Following the completion of the sale, the director owned 775,559 shares of the company's stock, valued at approximately $8,205,414.22. The trade was a 3.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 109,115 shares of company stock worth $1,074,996. 28.20% of the stock is currently owned by company insiders.

Institutional Trading of 908 Devices

A number of institutional investors and hedge funds have recently modified their holdings of MASS. Legal & General Group Plc bought a new position in 908 Devices in the second quarter worth $27,000. Allworth Financial LP acquired a new position in shares of 908 Devices in the 2nd quarter valued at $29,000. Renaissance Technologies LLC lifted its holdings in shares of 908 Devices by 3.6% during the 1st quarter. Renaissance Technologies LLC now owns 230,200 shares of the company's stock worth $1,409,000 after acquiring an additional 8,100 shares during the period. Intelligence Driven Advisers LLC bought a new position in shares of 908 Devices during the 1st quarter worth about $61,000. Finally, AXQ Capital LP acquired a new stake in shares of 908 Devices during the 2nd quarter valued at about $93,000. 88.06% of the stock is currently owned by institutional investors.

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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