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

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

Wall Street Analysts Forecast Growth

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

Cytek Biosciences Stock Down 0.5 %

The firm has a market capitalization of $691.07 million, a PE ratio of -66.93 and a beta of 1.40. The firm’s 50-day moving average price is $6.33 and its two-hundred day moving average price is $5.86.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03. The company had revenue of $51.50 million for 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 period in the previous year, the business earned ($0.03) EPS. Equities research analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences declared that its Board of Directors has authorized a share repurchase plan on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its holdings in shares of Cytek Biosciences by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after acquiring an additional 113,127 shares in the last quarter. Barclays PLC grew its stake in Cytek Biosciences by 333.6% in the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after purchasing an additional 154,915 shares in the last quarter. Geode Capital Management LLC increased its position in Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after purchasing an additional 89,210 shares during the last quarter. State Street Corp raised its stake in shares of Cytek Biosciences by 4.9% during the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Cytek Biosciences by 3,452.2% during the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after buying an additional 919,845 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.