Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Significant Drop in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 4,200,000 shares, a decrease of 6.0% from the October 15th total of 4,470,000 shares. Currently, 3.6% of the company’s shares are short sold. Based on an average trading volume of 673,900 shares, the days-to-cover ratio is currently 6.2 days.

Institutional Trading of Cytek Biosciences

Large investors have recently modified their holdings of the stock. ProShare Advisors LLC boosted its stake in Cytek Biosciences by 7.6% in the first quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock valued at $161,000 after buying an additional 1,687 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Cytek Biosciences by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock valued at $357,000 after acquiring an additional 2,460 shares in the last quarter. Everence Capital Management Inc. increased its holdings in shares of Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock valued at $93,000 after acquiring an additional 2,900 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Cytek Biosciences by 6.8% during the third quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock valued at $285,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Cytek Biosciences by 13.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,665 shares of the company’s stock valued at $233,000 after buying an additional 3,987 shares during the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Trading Up 1.7 %

CTKB opened at $6.13 on Wednesday. Cytek Biosciences has a 1-year low of $4.66 and a 1-year high of $9.87. The stock’s fifty day simple moving average is $5.44 and its 200 day simple moving average is $5.70. The stock has a market cap of $789.61 million, a PE ratio of -76.63 and a beta of 1.32.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $51.50 million for 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 in the prior year, the business earned ($0.03) EPS. Equities analysts forecast that Cytek Biosciences will post -0.07 earnings per share for the current year.

Analyst Ratings Changes

Separately, Piper Sandler boosted their price objective on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research report on Monday, November 11th.

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.