Cytek Biosciences, Inc. (NASDAQ:CTKB) Stock Has Consensus Price Target of $5.56 According to Analysts

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have earned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $5.56.

Several equities analysts recently issued reports on CTKB shares. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday. Morgan Stanley set a $5.00 price target on Cytek Biosciences in a report on Friday, August 7th.

Institutional Investors Weigh In On Cytek Biosciences

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Cytek Biosciences during the 2nd quarter worth approximately $42,433,000. Hhlr Advisors LTD. acquired a new stake in Cytek Biosciences in the second quarter valued at approximately $29,491,000. Bank of America Corp DE bought a new stake in shares of Cytek Biosciences during the second quarter valued at approximately $5,827,000. Susquehanna International Group LLP increased its holdings in shares of Cytek Biosciences by 1,117.1% during the second quarter. Susquehanna International Group LLP now owns 681,705 shares of the company’s stock valued at $3,020,000 after acquiring an additional 625,695 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Cytek Biosciences during the second quarter worth approximately $1,645,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

NASDAQ:CTKB opened at $5.73 on Friday. Cytek Biosciences has a fifty-two week low of $3.28 and a fifty-two week high of $6.18. The company has a 50 day simple moving average of $4.69 and a two-hundred day simple moving average of $4.45. The company has a market capitalization of $744.79 million, a PE ratio of -9.24 and a beta of 1.18.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, hitting 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 for the quarter, compared to the consensus estimate of $47.31 million. Research analysts predict that Cytek Biosciences will post -0.3 EPS for the current year.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc (NASDAQ: CTKB) develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek’s product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.