Cytek Biosciences (NASDAQ:CTKB) Trading Up 26.7% Following Strong Earnings

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price rose 26.7% on Wednesday following a better than expected earnings announcement. The company traded as high as $7.16 and last traded at $6.89. Approximately 379,300 shares were traded during trading, a decline of 43% from the average daily volume of 668,878 shares. The stock had previously closed at $5.44.

The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. The company had revenue of $51.50 million for the quarter, compared to analysts’ expectations of $50.63 million. During the same period last year, the firm posted ($0.03) earnings per share.

Wall Street Analyst Weigh In

Separately, Piper Sandler cut their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ProShare Advisors LLC lifted its holdings in shares of Cytek Biosciences by 7.6% in the 1st quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock valued at $161,000 after purchasing an additional 1,687 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Cytek Biosciences by 2.0% during the 1st quarter. Texas Permanent School Fund Corp now owns 86,601 shares of the company’s stock worth $581,000 after purchasing an additional 1,702 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Cytek Biosciences by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock worth $357,000 after buying an additional 2,460 shares during the period. Everence Capital Management Inc. raised its position in shares of Cytek Biosciences by 20.9% in the 3rd 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. Finally, Louisiana State Employees Retirement System increased its holdings in Cytek Biosciences by 6.8% in the 3rd quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock valued at $285,000 after purchasing an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

The firm has a fifty day moving average of $5.20 and a 200-day moving average of $5.65. The stock has a market capitalization of $927.15 million, a price-to-earnings ratio of -49.43 and a beta of 1.32.

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.