908 Devices (NASDAQ:MASS) Hits New 52-Week High - Here's What Happened

Key Points

• 908 Devices shares reached a new 52-week high of $13.30, with the stock last trading near $12.83 and up from its prior close of $12.80.
• Analyst sentiment is mostly positive: three analysts rate the stock a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and an average price target of $12.83.
• The company exceeded quarterly expectations, reporting a loss of $0.11 per share versus the expected $0.14 loss and revenue of $16.07 million versus the $15.37 million consensus estimate; however, insiders sold more than 106,000 shares over the past 90 days.

908 Devices Inc. (NASDAQ:MASS - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday. The company traded as high as $13.30 and last traded at $12.8250, with a volume of 39458 shares trading hands. The stock had previously closed at $12.80.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MASS. Weiss Ratings reiterated a "sell (d-)" rating on shares of 908 Devices in a report on Friday, August 7th. Wall Street Zen lowered 908 Devices from a "buy" rating to a "hold" rating in a research report on Saturday, September 12th. Canaccord Genuity Group started coverage on shares of 908 Devices in a research report on Thursday, September 10th. They issued a "buy" rating and a $13.50 price target for the company. Roth Capital boosted their price target on shares of 908 Devices from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Stifel Nicolaus upped their price objective on shares of 908 Devices from $10.00 to $12.00 and gave the stock a "buy" rating in a 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 stock. According to data from MarketBeat.com, 908 Devices currently has an average rating of "Moderate Buy" and an average price target of $12.83.

908 Devices Price Performance

The stock has a fifty day moving average of $10.17 and a 200 day moving average of $8.47. The firm has a market capitalization of $519.53 million, a P/E ratio of -13.20 and a beta of 0.63.

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 analysts' consensus estimates 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 firm had revenue of $16.07 million during the quarter, compared to the consensus estimate of $15.37 million. Equities analysts forecast that 908 Devices Inc. will post -0.59 EPS for the current fiscal year.

Insider Activity at 908 Devices

In related news, CFO Joseph Griffith, IV sold 11,459 shares of the 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 in the company, valued at approximately $1,330,392.15. This represents a 8.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP John Kenneweg sold 21,399 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $10.11, for a total transaction of $216,343.89. Following the sale, the senior vice president owned 57,784 shares of the company's stock, valued at $584,196.24. This trade represents a 27.02% decrease in their position. 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. Over the last 90 days, insiders sold 106,915 shares of company stock worth $1,055,152. 28.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On 908 Devices

Large investors have recently modified their holdings of the stock. First Light Asset Management LLC lifted its stake in 908 Devices by 3.5% in the second quarter. First Light Asset Management LLC now owns 6,282,804 shares of the company's stock valued at $54,660,000 after purchasing an additional 210,241 shares during the last quarter. Gainline Financial Partners LLC bought a new position in 908 Devices during the second quarter valued at $107,000. AXQ Capital LP purchased a new stake in 908 Devices in the second quarter worth $93,000. Bank of America Corp DE bought a new stake in shares of 908 Devices in the second quarter valued at $2,184,000. Finally, AWM Investment Company Inc. bought a new stake in shares of 908 Devices in the second quarter valued at $42,454,000. Hedge funds and other institutional investors own 88.06% of the company's stock.

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.

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