Share Buyback Plan Announced by Cytek Biosciences (NASDAQ:CTKB) Board

Cytek Biosciences (NASDAQ:CTKB) announced that its board has initiated a stock repurchase program on Monday, December 30th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Cytek Biosciences Trading Down 0.9 %

Shares of CTKB opened at $6.49 on Thursday. Cytek Biosciences has a 1 year low of $4.66 and a 1 year high of $9.33. The stock has a 50 day simple moving average of $6.24 and a 200-day simple moving average of $5.80. The stock has a market cap of $835.98 million, a PE 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The business had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. During the same period in the prior year, the firm posted ($0.03) EPS. On average, sell-side analysts forecast that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their target price on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research note 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.