Charles Schwab Investment Management Inc. Boosts Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Charles Schwab Investment Management Inc. grew its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,062,990 shares of the company’s stock after buying an additional 32,028 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cytek Biosciences were worth $6,899,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in shares of Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after buying an additional 3,635 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock worth $3,290,000 after purchasing an additional 3,753 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Cytek Biosciences by 5.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $463,000 after purchasing an additional 4,096 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Cytek Biosciences by 19.3% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company’s stock worth $155,000 after purchasing an additional 4,533 shares in the last quarter. Finally, Olympiad Research LP lifted its holdings in Cytek Biosciences by 51.0% in the 4th quarter. Olympiad Research LP now owns 19,601 shares of the company’s stock worth $127,000 after purchasing an additional 6,617 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

Cytek Biosciences Price Performance

NASDAQ:CTKB opened at $4.20 on Monday. Cytek Biosciences, Inc. has a 1 year low of $4.00 and a 1 year high of $7.63. The stock’s 50 day simple moving average is $5.13 and its two-hundred day simple moving average is $5.63. The company has a market cap of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41.

Cytek Biosciences announced that its board has initiated a share buyback program on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

CTKB has been the topic of a number of research analyst reports. Stephens reissued an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd. Finally, Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th.

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.