908 Devices (NASDAQ:MASS) Posts Earnings Results, Meets Expectations

908 Devices (NASDAQ:MASS – Get Rating) issued its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.30), MarketWatch Earnings reports. 908 Devices had a negative return on equity of 14.85% and a negative net margin of 52.53%. The company had revenue of $8.31 million for the quarter, compared to the consensus estimate of $7.65 million. During the same quarter last year, the business posted ($0.22) earnings per share. The firm’s revenue was up 49.8% compared to the same quarter last year. 908 Devices updated its FY 2022 guidance to EPS.

Shares of NASDAQ:MASS traded up $2.23 on Tuesday, reaching $17.72. 324,963 shares of the company traded hands, compared to its average volume of 299,701. The business’s 50-day simple moving average is $18.55 and its 200 day simple moving average is $21.27. 908 Devices has a 52 week low of $12.60 and a 52 week high of $47.16. The stock has a market capitalization of $553.47 million, a P/E ratio of -21.61 and a beta of 1.59. The company has a current ratio of 17.05, a quick ratio of 16.51 and a debt-to-equity ratio of 0.07.

MASS has been the topic of a number of research analyst reports. SVB Leerink reduced their target price on 908 Devices from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 8th. Zacks Investment Research raised 908 Devices from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Tuesday.

In related news, CTO Christopher D. Brown sold 19,900 shares of the firm’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $20.06, for a total value of $399,194.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Trent A. Basarsky sold 15,000 shares of the firm’s stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $17.66, for a total value of $264,900.00. The disclosure for this sale can be found here. Insiders have sold 79,829 shares of company stock worth $1,560,557 over the last ninety days. Insiders own 51.10% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of 908 Devices by 11.6% during the fourth quarter. BlackRock Inc. now owns 3,709,061 shares of the company’s stock valued at $95,954,000 after purchasing an additional 384,738 shares during the last quarter. Geode Capital Management LLC raised its holdings in 908 Devices by 28.4% in the 4th quarter. Geode Capital Management LLC now owns 275,902 shares of the company’s stock worth $7,137,000 after acquiring an additional 61,054 shares during the last quarter. State Street Corp raised its holdings in 908 Devices by 15.0% in the 4th quarter. State Street Corp now owns 435,580 shares of the company’s stock worth $11,268,000 after acquiring an additional 56,733 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in 908 Devices by 375.2% in the 4th quarter. Parametric Portfolio Associates LLC now owns 64,178 shares of the company’s stock worth $1,660,000 after acquiring an additional 50,673 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in 908 Devices by 41.8% in the 4th quarter. Allianz Asset Management GmbH now owns 133,637 shares of the company’s stock worth $3,455,000 after acquiring an additional 39,395 shares during the last quarter. Institutional investors and hedge funds own 79.24% of the company’s stock.

About 908 Devices (Get Rating)

908 Devices Inc, a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry (Mass Spec) devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, industrial biotech, forensics, and adjacent markets. The company's products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of gas, liquid, and solid materials of unknown identity; Rebel, a small desktop analyzer that provides real-time information on the extracellular environment in bioprocesses; and ZipChip solution, a plug-and-play, high-resolution separation platform that optimizes Mass Spec sample analysis.

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