Cytek Biosciences, Inc. (NASDAQ:CTKB) Given Average Rating of “Hold” by Brokerages

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have earned an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $5.5625.

CTKB has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Morgan Stanley set a $5.00 price target on Cytek Biosciences in a report on Friday, August 7th. Finally, Stephens lowered their price target on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th.

Cytek Biosciences Stock Performance

Shares of CTKB opened at $4.81 on Monday. The company’s fifty day simple moving average is $4.44 and its 200 day simple moving average is $4.37. Cytek Biosciences has a 1-year low of $3.28 and a 1-year high of $6.18. The company has a market cap of $625.20 million, a price-to-earnings ratio of -7.76 and a beta of 1.17.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, meeting analysts’ consensus estimates of ($0.09). Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. The firm had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $47.31 million. As a group, research analysts forecast that Cytek Biosciences will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. increased its holdings in shares of Cytek Biosciences by 99.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock worth $25,000 after acquiring an additional 2,500 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Cytek Biosciences by 150.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after purchasing an additional 4,343 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Cytek Biosciences by 86.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock valued at $26,000 after purchasing an additional 2,388 shares during the last quarter. Quantbot Technologies LP bought a new position in Cytek Biosciences during the second quarter worth $29,000. Finally, CIBC Bancorp USA Inc. bought a new position in Cytek Biosciences during the third quarter worth $43,000. 69.46% of the stock is owned by institutional investors and hedge funds.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.