Cytek Biosciences (NASDAQ:CTKB) Trading Up 5.9% – Should You Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price rose 5.9% during mid-day trading on Monday . The company traded as high as $7.24 and last traded at $7.22. Approximately 484,037 shares were traded during trading, a decline of 17% from the average daily volume of 580,319 shares. The stock had previously closed at $6.82.

Analyst Ratings Changes

Separately, Piper Sandler increased their target price on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Trading Down 21.8 %

The business has a 50-day moving average of $6.61 and a 200 day moving average of $5.89. The firm has a market capitalization of $731.65 million, a P/E ratio of -70.99 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 EPS 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 firm had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. During the same quarter last year, the firm posted ($0.03) earnings per share. As a group, research analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences declared that its board has authorized a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CTKB. Charles Schwab Investment Management Inc. lifted its position in Cytek Biosciences by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after acquiring an additional 113,127 shares in the last quarter. Barclays PLC raised its stake in shares of Cytek Biosciences by 333.6% in the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock worth $1,116,000 after purchasing an additional 154,915 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Cytek Biosciences in the second quarter valued at approximately $1,305,000. Geode Capital Management LLC boosted its position in shares of Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after buying an additional 89,210 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after buying an additional 194,369 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Company Profile

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.