Cytek Biosciences (NASDAQ:CTKB) Hits New 12-Month Low – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price reached a new 52-week low on Friday . The stock traded as low as $3.97 and last traded at $4.02, with a volume of 305831 shares. The stock had previously closed at $4.10.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Stephens restated an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a research note on Wednesday, March 19th. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd. Finally, Piper Sandler dropped their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th.

Cytek Biosciences Price Performance

The firm has a market capitalization of $512.39 million, a price-to-earnings ratio of -49.99 and a beta of 1.41. The stock has a fifty day moving average of $4.92 and a two-hundred day moving average of $5.58.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its stake in Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after buying an additional 194,369 shares during the last quarter. Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 89,210 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cytek Biosciences by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after acquiring an additional 262,607 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Cytek Biosciences by 11.4% in the 4th quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock valued at $7,712,000 after purchasing an additional 121,268 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Cytek Biosciences by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock worth $6,899,000 after purchasing an additional 32,028 shares during the period. 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.