Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 4% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares traded down 4% during trading on Tuesday . The company traded as low as $5.21 and last traded at $5.18. 131,199 shares traded hands during trading, a decline of 83% from the average session volume of 778,406 shares. The stock had previously closed at $5.39.

Analyst Upgrades and Downgrades

CTKB has been the subject of several research reports. The Goldman Sachs Group cut shares of 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 research note on Friday, January 31st. Piper Sandler lifted their price objective on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Price Performance

The stock has a fifty day moving average of $6.29 and a 200-day moving average of $5.85. The firm has a market capitalization of $722.62 million, a P/E ratio of -70.12 and a beta of 1.40.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Tuesday, November 5th. 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 2.58% and a negative net margin of 5.05%. The company had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. During the same period last year, the firm earned ($0.03) EPS. As a group, analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences declared that its board has initiated a share repurchase plan on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in shares of Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Cytek Biosciences in the 4th quarter valued at about $71,000. Olympiad Research LP acquired a new stake in shares of Cytek Biosciences in the 3rd quarter valued at approximately $72,000. Everence Capital Management Inc. boosted its stake in Cytek Biosciences by 20.9% during the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Bailard Inc. bought a new position in Cytek Biosciences during the 4th quarter worth approximately $123,000. Institutional investors own 69.46% of the company’s stock.

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.