Wall Street Zen Downgrades 908 Devices (NASDAQ:MASS) to Hold

908 Devices (NASDAQ:MASS) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other analysts have also issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of 908 Devices in a research note on Thursday. They issued a “buy” rating and a $13.50 price target for the company. Roth Capital increased their price objective 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. Stifel Nicolaus raised 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. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of 908 Devices in a research report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, 908 Devices presently has an average rating of “Moderate Buy” and a consensus price target of $12.83.

908 Devices Stock Performance

MASS opened at $9.52 on Friday. 908 Devices has a twelve month low of $5.03 and a twelve month high of $11.25. The firm has a market cap of $393.46 million, a price-to-earnings ratio of -10.02 and a beta of 0.68. The company has a fifty day simple moving average of $9.00 and a 200 day simple moving average of $7.93.

908 Devices (NASDAQ:MASS) last announced its earnings results on Tuesday, August 11th. The company reported ($0.11) earnings per share 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 company had revenue of $16.07 million during the quarter, compared to the consensus estimate of $15.37 million. On average, analysts forecast that 908 Devices will post -0.8 earnings per share for the current fiscal year.

Insider Transactions at 908 Devices

In other news, Director Christopher Brown sold 30,000 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $10.58, for a total transaction of $317,400.00. Following the sale, the director directly owned 775,559 shares in the company, valued at approximately $8,205,414.22. This represents a 3.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Joseph H. Iv Griffith sold 11,459 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $10.95, for a total value of $125,476.05. Following the sale, the chief financial officer owned 121,497 shares in the company, valued at $1,330,392.15. The trade was 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. In the last ninety days, insiders have sold 91,359 shares of company stock valued at $884,422. Insiders own 28.20% of the company’s stock.

Hedge Funds Weigh In On 908 Devices

Several hedge funds and other institutional investors have recently modified their holdings of MASS. First Light Asset Management LLC increased its holdings in shares of 908 Devices by 3.5% in the 2nd quarter. First Light Asset Management LLC now owns 6,282,804 shares of the company’s stock worth $54,660,000 after acquiring an additional 210,241 shares during the period. AWM Investment Company Inc. acquired a new stake in shares of 908 Devices in the second quarter valued at approximately $42,454,000. ARK Investment Management LLC raised its holdings in shares of 908 Devices by 1.6% during the fourth quarter. ARK Investment Management LLC now owns 1,985,986 shares of the company’s stock valued at $10,426,000 after buying an additional 32,214 shares during the last quarter. BlackRock Inc. bought a new stake in shares of 908 Devices during the second quarter valued at approximately $16,915,000. Finally, Needham Investment Management LLC boosted its position in shares of 908 Devices by 246.8% during the fourth quarter. Needham Investment Management LLC now owns 770,000 shares of the company’s stock worth $4,042,000 after buying an additional 548,000 shares during the period. Institutional investors and hedge funds own 88.06% of the company’s stock.

908 Devices Company Profile

908 Devices Inc (NASDAQ: MASS) is a developer and manufacturer of portable analytical instruments designed to deliver rapid chemical detection in field and laboratory environments. The company’s core focus lies in miniaturizing high-performance mass spectrometry and ion mobility spectrometry technologies, enabling users to perform on-site analysis that traditionally required benchtop equipment.

Key products in 908 Devices’ portfolio include the MX908, a handheld high-resolution mass spectrometer capable of detecting and identifying a broad range of chemicals and explosives; the M908 portable mass spectrometer for laboratory or mobile units; and the ZipChip capillary electrophoresis system for high-throughput, microfluidic separations.