908 Devices (NASDAQ:MASS) Earns Buy Rating from Analysts at Canaccord Genuity Group

Equities research analysts at Canaccord Genuity Group began coverage on shares of 908 Devices (NASDAQ:MASS) in a note issued to investors on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $13.50 price target on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 39.32% from the stock’s previous close.

A number of other brokerages have also recently weighed in on MASS. Wall Street Zen upgraded 908 Devices from a “hold” rating to a “buy” rating in a research note on Saturday, August 29th. Stifel Nicolaus boosted their price objective 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. Weiss Ratings restated a “sell (d-)” rating on shares of 908 Devices in a research note on Friday, August 7th. Finally, Roth Capital lifted their price target on 908 Devices from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.83.

908 Devices Stock Performance

NASDAQ:MASS opened at $9.69 on Thursday. The stock has a market capitalization of $400.49 million, a P/E ratio of -10.20 and a beta of 0.68. 908 Devices has a fifty-two week low of $5.03 and a fifty-two week high of $11.25. The company has a 50 day moving average price of $8.97 and a 200 day moving average price of $7.89.

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

Insiders Place Their Bets

In related news, Director Christopher Brown sold 30,000 shares of the stock in a transaction that occurred on 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. This represents a 3.72% decrease in their position. The transaction 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 on Tuesday, August 25th. The shares were sold at an average price of $10.95, for a total value of $125,476.05. Following the completion of the sale, 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 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 ninety days, insiders have sold 91,359 shares of company stock worth $884,422. Corporate insiders own 28.20% of the company’s stock.

Institutional Trading of 908 Devices

A number of hedge funds and other institutional investors have recently made changes to their positions in MASS. Legal & General Group Plc acquired a new stake in 908 Devices during the second quarter valued at approximately $27,000. Allworth Financial LP acquired a new position in 908 Devices during the 2nd quarter valued at approximately $29,000. California State Teachers Retirement System boosted its holdings in shares of 908 Devices by 128.3% during the second quarter. California State Teachers Retirement System now owns 3,384 shares of the company’s stock valued at $29,000 after acquiring an additional 1,902 shares during the period. Raymond James Financial Inc. acquired a new position in 908 Devices during the 2nd quarter valued at about $48,000. Finally, Intelligence Driven Advisers LLC acquired a new position in shares of 908 Devices during the first quarter worth approximately $61,000. Institutional investors 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.