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

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Piper Sandler lifted their price target on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th. The Goldman Sachs Group lowered Cytek Biosciences from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $7.00 to $4.50 in a research note on Friday, January 31st.

Cytek Biosciences Price Performance

The stock has a 50 day simple moving average of $6.31 and a two-hundred day simple moving average of $5.86. The company has a market cap of $722.62 million, a price-to-earnings ratio of -70.12 and a beta of 1.40.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping 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 company had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. During the same quarter in the previous year, the company 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 announced that its board has approved a share buyback plan on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Cytek Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in Cytek Biosciences by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after purchasing an additional 113,127 shares during the period. Barclays PLC boosted its holdings in Cytek Biosciences by 333.6% during the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after acquiring an additional 154,915 shares during the period. Geode Capital Management LLC grew its position in Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after acquiring an additional 89,210 shares in the last quarter. State Street Corp lifted 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 worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after purchasing an additional 919,845 shares during the period. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.