Cytek Biosciences (NASDAQ:CTKB) Trading Up 5.5%

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) traded up 5.5% during mid-day trading on Tuesday . The stock traded as high as $5.40 and last traded at $5.39. Approximately 66,197 shares changed hands during trading, a decline of 90% from the average daily volume of 687,332 shares. The stock had previously closed at $5.11.

Analyst Ratings Changes

Separately, Piper Sandler reduced 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 note on Tuesday, August 13th.

Cytek Biosciences Trading Up 4.5 %

The business’s 50-day simple moving average is $5.74 and its two-hundred day simple moving average is $6.02. The firm has a market cap of $694.43 million, a price-to-earnings ratio of -58.67 and a beta of 1.31.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The firm had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. During the same quarter last year, the company earned ($0.02) earnings per share. On average, analysts forecast that Cytek Biosciences, Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Several large investors have recently added to or reduced their stakes in CTKB. Swiss National Bank lifted its stake in Cytek Biosciences by 17.8% in the fourth quarter. Swiss National Bank now owns 228,500 shares of the company’s stock valued at $2,084,000 after buying an additional 34,600 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Cytek Biosciences by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock worth $8,026,000 after acquiring an additional 44,345 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in Cytek Biosciences by 16.8% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 116,937 shares of the company’s stock worth $1,067,000 after purchasing an additional 16,804 shares during the period. Vanguard Group Inc. increased its stake 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 in the last quarter. Finally, Cornerstone Investment Partners LLC acquired a new position in shares of Cytek Biosciences during the first quarter valued at about $171,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.