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

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares 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 trading, a decline of 65% from the average session volume of 780,247 shares. The stock had previously closed at $5.15.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Piper Sandler boosted their price objective on Cytek Biosciences from $8.00 to $8.50 and gave the company 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 lowered their price objective for the company from $7.00 to $4.50 in a research report on Friday.

Cytek Biosciences Trading Up 4.7 %

The company has a 50 day moving average of $6.36 and a 200 day moving average of $5.87. The firm has a market cap of $694.29 million, a price-to-earnings ratio of -67.37 and a beta of 1.40.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. The business had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same quarter in the previous year, the firm earned ($0.03) EPS. As a group, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences announced that its Board of Directors has approved a stock buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several institutional investors have recently bought and sold shares of CTKB. Millennium Management LLC increased 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 buying an additional 919,845 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Cytek Biosciences in the 2nd quarter valued at about $1,305,000. State Street Corp increased its position in Cytek Biosciences by 4.9% in the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after acquiring an additional 194,369 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Cytek Biosciences in the third quarter worth about $1,012,000. Finally, Squarepoint Ops LLC lifted its position in shares of Cytek Biosciences by 1,013.8% during the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock worth $1,045,000 after purchasing an additional 170,539 shares in the last quarter. Institutional investors and hedge funds 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.