Cytek Biosciences (NASDAQ:CTKB) Shares Down 5.5% – Time to Sell?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) traded down 5.5% on Wednesday . The company traded as low as $5.74 and last traded at $5.67. 24,403 shares were traded during mid-day trading, a decline of 97% from the average session volume of 778,774 shares. The stock had previously closed at $6.00.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th. The Goldman Sachs Group lowered shares of Cytek Biosciences from a “buy” rating to a “sell” rating and lowered their price target for the stock from $7.00 to $4.50 in a research report on Friday.

Cytek Biosciences Price Performance

The stock has a market cap of $729.06 million, a price-to-earnings ratio of -70.74 and a beta of 1.44. The firm has a fifty day moving average of $6.38 and a 200 day moving average of $5.89.

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. 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 return on equity of 2.58% and a negative net margin of 5.05%. During the same period last year, the company earned ($0.03) EPS. Research analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Cytek Biosciences announced that its board has authorized a stock repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Cytek Biosciences by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock worth $357,000 after purchasing an additional 2,460 shares during the period. Everence Capital Management Inc. boosted its stake in Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after buying an additional 2,900 shares during the period. Louisiana State Employees Retirement System increased its position 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 during the last quarter. GAMMA Investing LLC raised its stake in shares of Cytek Biosciences by 280.3% in the 4th 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 during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of 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 acquiring an additional 4,096 shares during the last quarter. 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.