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908 Devices Inc. (MASS) Soars 8.5%: Is Further Upside Left in the Stock?

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908 Devices Inc. (MASS - Free Report) shares soared 8.5% in the last trading session to close at $8.20. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 19.3% loss over the past four weeks.

908 Devices’ scored a strong price increase driven by the company’s recent expansion of international reach of handheld devices with the establishment of a purchase vehicle providing thirty-one NATO member states, and four additional nations, the ability to purchase MX908 units in a streamlined fashion to enable broad trace detection and identification. Moreover, the full year 2023 revenue expected to be in the range of $48 million to $52 million, representing 2% to 11% growth year-over-year also raises investors’ optimism on the stock.

This company is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of -26.9%. Revenues are expected to be $10.53 million, down 5.2% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For 908 Devices Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MASS going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

908 Devices Inc. belongs to the Zacks Medical - Instruments industry. Another stock from the same industry, Edwards Lifesciences (EW - Free Report) , closed the last trading session 0.7% higher at $93.10. Over the past month, EW has returned 5.8%.

Edwards Lifesciences' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.65. Compared to the company's year-ago EPS, this represents a change of +3.2%. Edwards Lifesciences currently boasts a Zacks Rank of #2 (Buy).

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