908 Devices (NASDAQ:MASS) Shares Break Below 50-Day Moving Average – Here’s What Happened

908 Devices Inc. (NASDAQ:MASS) shares crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $11.19 and traded as low as $9.82. 908 Devices shares last traded at $9.98, with a volume of 898,536 shares.

Analysts Set New Price Targets

Several research analysts recently commented on MASS shares. Roth Capital raised their price objective on shares of 908 Devices from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Canaccord Genuity Group boosted their target price on shares of 908 Devices from $13.50 to $14.00 and gave the company a “buy” rating in a report on Thursday. Stifel Nicolaus increased their target price on 908 Devices from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Wall Street Zen lowered 908 Devices from a “buy” rating to a “hold” rating in a report on Saturday, September 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of 908 Devices in a report on Wednesday, November 4th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

908 Devices Stock Down 2.7%

The company has a 50-day moving average price of $11.17 and a two-hundred day moving average price of $8.55. The stock has a market capitalization of $407.07 million, a P/E ratio of -15.06 and a beta of 0.66.

908 Devices (NASDAQ:MASS) last released its quarterly earnings data on Tuesday, November 10th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.04. The company had revenue of $18.95 million during the quarter, compared to analyst estimates of $18.31 million. 908 Devices had a negative net margin of 36.87% and a negative return on equity of 11.44%. On average, sell-side analysts expect that 908 Devices Inc. will post -0.59 earnings per share for the current year.

Insider Buying and Selling

In other 908 Devices news, CFO Joseph H. Iv Griffith sold 11,459 shares of the firm’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 sale, the chief financial officer owned 121,497 shares of the company’s stock, valued at $1,330,392.15. This trade represents a 8.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher Brown sold 30,000 shares of 908 Devices stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $10.95, for a total value of $328,500.00. Following the sale, the director owned 775,559 shares of the company’s stock, valued at approximately $8,492,371.05. This trade represents a 3.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 134,115 shares of company stock worth $1,473,296 over the last ninety days. 28.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc purchased a new stake in 908 Devices in the second quarter valued at approximately $27,000. Allworth Financial LP purchased a new stake in shares of 908 Devices during 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 last quarter. Pier 88 Investment Partners LLC lifted its holdings in shares of 908 Devices by 59.2% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 22,600 shares of the company’s stock worth $279,000 after acquiring an additional 8,400 shares during the last quarter. Finally, Intelligence Driven Advisers LLC bought a new stake in shares of 908 Devices during the 1st quarter worth $61,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

About 908 Devices

908 Devices, Inc. develops analytical instruments that help users identify and measure chemicals and biomolecules. Its products use mass spectrometry and related technologies to bring laboratory-style analysis to settings where rapid results are needed. The company’s portfolio includes handheld devices for detecting and identifying chemical substances, as well as laboratory instruments and tools used in areas such as biopharmaceutical research and protein analysis. Its customers include organizations in public safety, defense, forensics, industrial markets and life sciences.