Cytek Biosciences (NASDAQ:CTKB) Shares Down 2.6%

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) fell 2.6% during mid-day trading on Wednesday . The company traded as low as $5.14 and last traded at $5.20. 42,391 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 685,986 shares. The stock had previously closed at $5.34.

Analyst Upgrades and Downgrades

Separately, Piper Sandler decreased their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.

Cytek Biosciences Stock Down 3.7 %

The firm’s 50-day moving average is $5.75 and its 200-day moving average is $6.03. The company has a market cap of $674.74 million, a PE ratio of -59.33 and a beta of 1.31.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.05). Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. The company had revenue of $46.62 million for the quarter, compared to analysts’ expectations of $49.02 million. During the same quarter in the prior year, the firm earned ($0.02) EPS. As a group, equities research analysts anticipate that Cytek Biosciences, Inc. will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Cytek Biosciences by 1.0% during the first quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock worth $80,606,000 after acquiring an additional 122,105 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Cytek Biosciences by 6.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock worth $8,175,000 after buying an additional 89,615 shares in the last quarter. Millennium Management LLC lifted 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 worth $5,281,000 after buying an additional 919,845 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Cytek Biosciences by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock worth $8,026,000 after buying an additional 44,345 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Cytek Biosciences by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 804,261 shares of the company’s stock worth $4,488,000 after buying an additional 29,579 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.