908 Devices (NASDAQ:MASS) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

908 Devices (NASDAQ:MASS) had its price target raised by investment analysts at Canaccord Genuity Group from $13.50 to $14.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price points to a potential upside of 39.17% from the stock’s current price.

A number of other equities research analysts have also recently commented on MASS. Weiss Ratings reissued a “sell (d-)” rating on shares of 908 Devices in a research report on Wednesday, November 4th. Roth Capital lifted their price target 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. Stifel Nicolaus lifted their price target on shares of 908 Devices from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Wall Street Zen downgraded 908 Devices from a “buy” rating to a “hold” rating in a research report on Saturday, September 12th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

908 Devices Stock Performance

Shares of 908 Devices stock opened at $10.06 on Thursday. The company has a market capitalization of $415.82 million, a PE ratio of -15.48 and a beta of 0.66. The company has a 50-day simple moving average of $11.18 and a two-hundred day simple moving average of $8.53. 908 Devices has a one year low of $5.03 and a one year high of $13.35.

908 Devices (NASDAQ:MASS) last released its quarterly earnings results on Tuesday, November 10th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.04. 908 Devices had a negative net margin of 36.87% and a negative return on equity of 11.76%. The business had revenue of $18.95 million during the quarter, compared to analyst estimates of $18.31 million. On average, equities analysts predict that 908 Devices will post -0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP John Kenneweg sold 5,257 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $10.22, for a total value of $53,726.54. Following the completion of the transaction, the senior vice president directly owned 57,784 shares of the company’s stock, valued at $590,552.48. This trade represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Joseph H. Iv Griffith sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $13.03, for a total transaction of $65,150.00. Following the completion of the transaction, the chief financial officer directly owned 116,497 shares of the company’s stock, valued at $1,517,955.91. The trade was a 4.12% 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. Over the last 90 days, insiders sold 134,115 shares of company stock valued at $1,473,296. 28.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 908 Devices

Large investors have recently made changes to their positions in the stock. First Light Asset Management LLC grew its stake in 908 Devices by 3.5% during the 2nd 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. BlackRock Inc. acquired a new position in shares of 908 Devices in the second quarter valued at about $16,915,000. Meros Investment Management LP purchased a new position in shares of 908 Devices in the second quarter worth about $3,143,902. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of 908 Devices in the second quarter worth about $962,000. Finally, Bank of America Corp DE purchased a new position in shares of 908 Devices in the second quarter worth about $2,184,000. 88.06% of the stock is owned by hedge funds and other institutional investors.

908 Devices Company Profile

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.