Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Update

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its position in 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 purchasing an additional 3,455 shares during the period. Aquatic Capital Management LLC purchased a new position in Cytek Biosciences during the fourth quarter valued at approximately $25,000. GAMMA Investing LLC boosted its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after purchasing an additional 4,665 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in Cytek Biosciences during the fourth quarter valued at $71,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CTKB has been the topic of a number of research reports. The Goldman Sachs Group downgraded shares of Cytek Biosciences from a “buy” rating to a “sell” rating and cut their target price for the company from $7.00 to $4.50 in a research report on Friday, January 31st. Piper Sandler lifted their target price on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Stock Performance

CTKB stock traded up $0.01 on Monday, hitting $5.23. 570,977 shares of the company’s stock were exchanged, compared to its average volume of 823,855. The stock has a market cap of $673.68 million, a P/E ratio of -65.37 and a beta of 1.40. Cytek Biosciences has a 12-month low of $4.66 and a 12-month high of $9.33. The firm has a 50 day moving average price of $6.07 and a two-hundred day moving average price of $5.78.

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

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.