Stifel Nicolaus Has Lowered Expectations for 908 Devices (NASDAQ:MASS) Stock Price

908 Devices (NASDAQ:MASS) had its target price dropped by Stifel Nicolaus from $17.00 to $6.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price points to a potential upside of 129.01% from the company’s previous close.

Separately, Leerink Partners reissued a “market perform” rating and issued a $4.00 target price (down previously from $12.00) on shares of 908 Devices in a report on Wednesday.

908 Devices Price Performance

908 Devices stock traded down $0.30 during midday trading on Wednesday, reaching $2.62. 197,419 shares of the company traded hands, compared to its average volume of 197,222. The firm has a market capitalization of $90.81 million, a price-to-earnings ratio of -2.28 and a beta of 0.98. The business has a 50 day moving average of $3.50 and a two-hundred day moving average of $4.72. 908 Devices has a 12 month low of $2.60 and a 12 month high of $12.51.

Hedge Funds Weigh In On 908 Devices

Several institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of 908 Devices by 35.5% in the second quarter. Millennium Management LLC now owns 618,310 shares of the company’s stock worth $3,184,000 after purchasing an additional 161,922 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of 908 Devices by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 1,751,102 shares of the company’s stock worth $13,221,000 after acquiring an additional 6,772 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of 908 Devices by 18.6% during the 2nd quarter. American Century Companies Inc. now owns 33,718 shares of the company’s stock worth $174,000 after purchasing an additional 5,295 shares during the period. Squarepoint Ops LLC bought a new stake in 908 Devices in the second quarter worth about $250,000. Finally, GAMMA Investing LLC bought a new stake in 908 Devices in the second quarter worth about $48,000. 88.06% of the stock is owned by hedge funds and other institutional investors.

About 908 Devices

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.