Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 3.6%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price rose 3.6% during trading on Monday . The company traded as high as $5.82 and last traded at $5.82. Approximately 16,573 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 689,379 shares. The stock had previously closed at $5.62.

Wall Street Analyst Weigh In

CTKB has been the subject of a number of research reports. The Goldman Sachs Group raised their price target on shares of Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Piper Sandler dropped their price target on shares of Cytek Biosciences from $10.00 to $8.50 and set an “overweight” rating on the stock in a research report on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.63.

Cytek Biosciences Price Performance

The business’s fifty day moving average is $6.01 and its 200-day moving average is $7.29. The firm has a market cap of $736.42 million, a PE ratio of -62.33 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Cytek Biosciences had a negative net margin of 5.73% and a negative return on equity of 1.78%. The business had revenue of $44.86 million during the quarter, compared to the consensus estimate of $43.86 million. Analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling

In other news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $5.87, for a total value of $117,400.00. Following the completion of the transaction, the chief technology officer now owns 5,988,502 shares in the company, valued at $35,152,506.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cytek Biosciences

A number of hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. bought a new stake in Cytek Biosciences during the 4th quarter valued at $36,000. Quadrature Capital Ltd purchased a new stake in shares of Cytek Biosciences in the 1st quarter worth about $102,000. Sherbrooke Park Advisers LLC bought a new position in Cytek Biosciences in the 3rd quarter worth about $86,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cytek Biosciences by 130.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,701 shares of the company’s stock worth $189,000 after purchasing an additional 11,734 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in Cytek Biosciences by 7.6% during the 1st quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock valued at $161,000 after acquiring an additional 1,687 shares during the period. 69.46% of the stock is currently owned by 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.