Cytek Biosciences (NASDAQ:CTKB) Trading Up 5% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price was up 5% during mid-day trading on Monday . The stock traded as high as $5.38 and last traded at $5.41. Approximately 273,700 shares changed hands during trading, a decline of 65% from the average daily volume of 780,247 shares. The stock had previously closed at $5.15.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CTKB shares. The Goldman Sachs Group lowered Cytek Biosciences from a “buy” rating to a “sell” rating and reduced their price target for the company from $7.00 to $4.50 in a report on Friday. Piper Sandler lifted their price target on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Stock Performance

The stock has a 50 day moving average of $6.36 and a two-hundred day moving average of $5.87. The firm has a market capitalization of $694.29 million, a P/E ratio of -67.37 and a beta of 1.40.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The business had revenue of $51.50 million for the quarter, compared to the consensus estimate of $50.63 million. During the same period last year, the business earned ($0.03) EPS. Sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences declared that its Board of Directors has authorized a share buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Cytek Biosciences by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock worth $357,000 after buying an additional 2,460 shares during the period. Everence Capital Management Inc. increased its position in Cytek Biosciences by 20.9% in the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after buying an additional 2,900 shares during the period. Louisiana State Employees Retirement System increased its position in Cytek Biosciences by 6.8% in the 3rd quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock worth $285,000 after buying an additional 3,300 shares during the period. GAMMA Investing LLC increased its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares during the period. Finally, Principal Financial Group Inc. increased its position in Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock worth $3,290,000 after buying an additional 3,753 shares during the period. 69.46% of the stock is owned by institutional investors.

About Cytek Biosciences

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.