Short Interest in Cytek Biosciences, Inc. (NASDAQ:CTKB) Decreases By 6.6%

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the target of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 3,690,000 shares, a decrease of 6.6% from the November 30th total of 3,950,000 shares. Based on an average daily volume of 661,700 shares, the short-interest ratio is presently 5.6 days. Approximately 3.2% of the company’s shares are sold short.

Cytek Biosciences Stock Performance

Cytek Biosciences stock opened at $6.49 on Thursday. The company has a 50 day moving average price of $6.24 and a 200 day moving average price of $5.80. Cytek Biosciences has a 52 week low of $4.66 and a 52 week high of $9.33. The firm has a market capitalization of $835.98 million, a price-to-earnings ratio of -81.11 and a beta of 1.46.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03. The business had revenue of $51.50 million during the quarter, compared to analysts’ expectations 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 last year, the firm posted ($0.03) earnings per share. Equities analysts forecast that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

Cytek Biosciences announced that its board has initiated a share repurchase program on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Separately, 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 note on Monday, November 11th.

Institutional Trading of Cytek Biosciences

Several institutional investors have recently made changes to their positions in CTKB. Millennium Management LLC increased its stake in Cytek Biosciences by 3,452.2% in the 2nd 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 during the period. Renaissance Technologies LLC acquired a new position in shares of Cytek Biosciences in the second quarter worth $1,305,000. State Street Corp raised its holdings in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after acquiring an additional 194,369 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Cytek Biosciences during the third quarter valued at $1,012,000. Finally, Squarepoint Ops LLC grew its stake 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 in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.