ARK Investment Management LLC Sells 718,082 Shares of 908 Devices Inc. (NASDAQ:MASS)

ARK Investment Management LLC trimmed its stake in 908 Devices Inc. (NASDAQ:MASS - Free Report) by 18.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,219,549 shares of the company's stock after selling 718,082 shares during the quarter. ARK Investment Management LLC owned approximately 9.29% of 908 Devices worth $11,172,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of 908 Devices during the second quarter valued at $48,000. SG Americas Securities LLC purchased a new position in shares of 908 Devices during the third quarter valued at $36,000. State Board of Administration of Florida Retirement System purchased a new position in shares of 908 Devices during the first quarter valued at $80,000. American Century Companies Inc. grew its holdings in shares of 908 Devices by 18.6% during the second quarter. American Century Companies Inc. now owns 33,718 shares of the company's stock valued at $174,000 after buying an additional 5,295 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of 908 Devices during the second quarter valued at $229,000. 88.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Leerink Partners lowered their price target on 908 Devices from $15.00 to $12.00 and set an "outperform" rating on the stock in a report on Thursday, October 17th.

908 Devices Trading Down 1.9 %

NASDAQ MASS traded down $0.07 on Friday, reaching $3.57. The stock had a trading volume of 209,427 shares, compared to its average volume of 192,368. The business has a 50 day moving average price of $3.53 and a 200 day moving average price of $4.78. 908 Devices Inc. has a 1 year low of $3.13 and a 1 year high of $12.51. The company has a market capitalization of $123.73 million, a price-to-earnings ratio of -3.17 and a beta of 0.98.

908 Devices (NASDAQ:MASS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.32) EPS for the quarter, beating analysts' consensus estimates of ($0.34) by $0.02. The firm had revenue of $14.05 million for the quarter, compared to the consensus estimate of $13.69 million. 908 Devices had a negative return on equity of 22.47% and a negative net margin of 72.10%. On average, analysts anticipate that 908 Devices Inc. will post -1.22 earnings per share for the current fiscal year.

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.