Millennium Management LLC Raises Stake in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Millennium Management LLC lifted its position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 3,452.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 946,490 shares of the company’s stock after buying an additional 919,845 shares during the quarter. Millennium Management LLC’s holdings in Cytek Biosciences were worth $5,281,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Cytek Biosciences by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock valued at $108,443,000 after purchasing an additional 811,279 shares during the period. Renaissance Technologies LLC purchased a new stake in Cytek Biosciences in the second quarter valued at approximately $1,305,000. SlateStone Wealth LLC purchased a new stake in Cytek Biosciences in the second quarter valued at approximately $70,000. Squarepoint Ops LLC grew its holdings in Cytek Biosciences by 1,013.8% in the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock valued at $1,045,000 after purchasing an additional 170,539 shares during the period. Finally, Texas Permanent School Fund Corp grew its holdings in Cytek Biosciences by 2.0% in the first quarter. Texas Permanent School Fund Corp now owns 86,601 shares of the company’s stock valued at $581,000 after purchasing an additional 1,702 shares during the period. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Cytek Biosciences Stock Up 2.9 %

CTKB opened at $5.01 on Friday. Cytek Biosciences, Inc. has a 52-week low of $3.80 and a 52-week high of $9.87. The company has a 50 day moving average of $5.32 and a two-hundred day moving average of $5.81. The company has a market cap of $657.68 million, a P/E ratio of -55.67 and a beta of 1.30.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data 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 return on equity of 3.75% and a negative net margin of 8.88%. The business 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) earnings per share. Research analysts anticipate that Cytek Biosciences, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.