Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 3.8%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price dropped 3.8% on Thursday . The stock traded as low as $5.27 and last traded at $5.28. Approximately 20,362 shares were traded during trading, a decline of 97% from the average daily volume of 684,579 shares. The stock had previously closed at $5.49.

Analyst Ratings Changes

Separately, Piper Sandler lowered their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th.

Cytek Biosciences Stock Performance

The company has a market cap of $645.71 million, a price-to-earnings ratio of -54.55 and a beta of 1.31. The company’s fifty day moving average is $5.78 and its two-hundred day moving average is $6.11.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The firm had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. During the same period in the previous year, the firm posted ($0.02) EPS. On average, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SlateStone Wealth LLC purchased a new position in Cytek Biosciences in the second quarter worth $70,000. Quadrature Capital Ltd purchased a new stake in Cytek Biosciences during the first quarter worth $102,000. Dark Forest Capital Management LP boosted its position in shares of Cytek Biosciences by 85.3% in the 2nd quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock worth $118,000 after buying an additional 9,711 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Cytek Biosciences in the second quarter valued at approximately $140,000. Finally, ProShare Advisors LLC raised its position in shares of Cytek Biosciences by 7.6% during the 1st quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock worth $161,000 after purchasing an additional 1,687 shares during the last quarter. 69.46% of the stock is 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.