Sumitomo Mitsui Trust Group Inc. Cuts Holdings in 908 Devices Inc. (NASDAQ:MASS)

Sumitomo Mitsui Trust Group Inc. lessened its stake in 908 Devices Inc. (NASDAQ:MASS) by 11.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 412,574 shares of the company’s stock after selling 54,853 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 1.17% of 908 Devices worth $1,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MASS. Prescott Group Capital Management L.L.C. purchased a new position in shares of 908 Devices during the fourth quarter worth approximately $330,000. LPL Financial LLC raised its stake in shares of 908 Devices by 13.0% during the fourth quarter. LPL Financial LLC now owns 63,287 shares of the company’s stock worth $139,000 after acquiring an additional 7,295 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of 908 Devices during the fourth quarter worth approximately $34,000. Geode Capital Management LLC raised its stake in shares of 908 Devices by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 581,300 shares of the company’s stock worth $1,279,000 after acquiring an additional 13,512 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in shares of 908 Devices during the fourth quarter worth approximately $124,000. Hedge funds and other institutional investors own 88.06% of the company’s stock.

908 Devices Stock Up 0.7%

Shares of NASDAQ:MASS opened at $6.66 on Friday. The firm’s 50 day moving average price is $6.08 and its 200-day moving average price is $4.17. 908 Devices Inc. has a twelve month low of $1.81 and a twelve month high of $8.06. The stock has a market capitalization of $238.65 million, a PE ratio of -12.32 and a beta of 0.38.

908 Devices (NASDAQ:MASS) last released its earnings results on Tuesday, May 13th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $11.78 million for the quarter, compared to analysts’ expectations of $11.90 million. 908 Devices had a negative net margin of 28.80% and a negative return on equity of 27.10%. Analysts expect that 908 Devices Inc. will post -1.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of 908 Devices in a report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $5.33.

Insider Activity at 908 Devices

In related news, insider Michael S. Turner sold 16,082 shares of 908 Devices stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $7.51, for a total value of $120,775.82. Following the completion of the sale, the insider directly owned 8,521 shares in the company, valued at $63,992.71. The trade was a 65.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Joseph H. Iv Griffith sold 6,940 shares of 908 Devices stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $7.08, for a total value of $49,135.20. Following the completion of the sale, the chief financial officer owned 102,930 shares of the company’s stock, valued at $728,744.40. The trade was a 6.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,543 shares of company stock valued at $233,890. 23.70% of the stock is owned by corporate insiders.

908 Devices Profile

908 Devices Inc, a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, pharma/biopharma, 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 solid, liquid, vapor, and aerosol materials of unknown identity; Rebel, a small desktop analyzer that provides real-time information on the extracellular environment in bioprocesses; and Maverick, an optical in-line analyzer that offers real-time monitoring and control of multiple bioprocess parameters, including glucose, lactate, and total biomass in mammalian cell cultures, as well as provides process fingerprint data to support large-scale efforts in predictive bioprocess modeling.