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

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) 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 were traded 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.

Analysts Set New Price Targets

A number of brokerages have commented on CTKB. 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 report on Monday, November 11th. The Goldman Sachs Group cut Cytek Biosciences from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $7.00 to $4.50 in a research note on Friday, January 31st.

Cytek Biosciences Stock Up 3.5 %

The stock has a market capitalization of $722.62 million, a PE ratio of -70.12 and a beta of 1.40. The firm has a 50 day moving average price of $6.31 and a 200-day moving average price of $5.86.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period last year, the business posted ($0.03) earnings per share. Equities analysts expect that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Cytek Biosciences declared that its Board of Directors has authorized a stock repurchase plan on Monday, December 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of Cytek Biosciences by 280.3% in the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Cytek Biosciences in the fourth quarter valued at approximately $71,000. Olympiad Research LP purchased a new stake in shares of Cytek Biosciences in the third quarter valued at approximately $72,000. Everence Capital Management Inc. increased its position in shares of Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock valued at $93,000 after buying an additional 2,900 shares in the last quarter. Finally, Bailard Inc. acquired a new stake in shares of Cytek Biosciences in the fourth quarter worth approximately $123,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

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.