Cytek Biosciences (NASDAQ:CTKB) Stock Rating Lowered by The Goldman Sachs Group

Cytek Biosciences (NASDAQ:CTKB) was downgraded by stock analysts at The Goldman Sachs Group from a “buy” rating to a “sell” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $4.50 price objective on the stock, down from their previous price objective of $7.00. The Goldman Sachs Group’s target price would indicate a potential downside of 12.62% from the stock’s previous close.

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 report on Monday, November 11th.

Cytek Biosciences Stock Down 9.0 %

Shares of CTKB stock opened at $5.15 on Friday. The company has a 50 day moving average price of $6.36 and a 200-day moving average price of $5.87. 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 $663.37 million, a PE ratio of -64.37 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same quarter in the previous year, the firm posted ($0.03) EPS. Analysts anticipate that Cytek Biosciences will post -0.06 earnings per share for the current year.

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

Institutional Trading of Cytek Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. boosted 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 buying an additional 3,753 shares during the period. Pacer Advisors Inc. bought a new stake in Cytek Biosciences during the fourth quarter valued at about $196,000. GAMMA Investing LLC lifted its position in shares of Cytek Biosciences by 280.3% in the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after acquiring an additional 3,635 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of Cytek Biosciences in the third quarter worth about $405,000. Finally, Barclays PLC grew its position in shares of Cytek Biosciences by 333.6% during the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock worth $1,116,000 after purchasing an additional 154,915 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.