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

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 3,170,000 shares, a drop of 8.6% from the January 15th total of 3,470,000 shares. Based on an average daily trading volume, of 799,100 shares, the short-interest ratio is currently 4.0 days. Approximately 2.7% of the shares of the company are sold short.

Institutional Investors Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sterling Capital Management LLC raised its stake in shares of Cytek Biosciences by 799.8% during the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after buying an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Cytek Biosciences during the 4th quarter worth $25,000. GAMMA Investing LLC raised its stake in shares of Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after buying an additional 3,635 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after buying an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in shares of Cytek Biosciences during the 4th quarter worth $71,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

Cytek Biosciences stock traded up $0.08 during midday trading on Tuesday, reaching $5.31. The company’s stock had a trading volume of 653,353 shares, compared to its average volume of 837,402. Cytek Biosciences has a fifty-two week low of $4.66 and a fifty-two week high of $9.33. The stock’s 50 day simple moving average is $6.04 and its 200 day simple moving average is $5.78. The firm has a market capitalization of $683.98 million, a PE ratio of -66.37 and a beta of 1.40.

Cytek Biosciences announced that its board has approved a share repurchase plan on Monday, December 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CTKB has been the subject of a number of recent analyst reports. Piper Sandler raised 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. The Goldman Sachs Group downgraded Cytek Biosciences from a “buy” rating to a “sell” rating and reduced their target price for the company from $7.00 to $4.50 in a report on Friday, January 31st.

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.