Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 4.8% – What’s Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares were up 4.8% during mid-day trading on Wednesday . The company traded as high as $6.75 and last traded at $6.74. Approximately 157,763 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 684,031 shares. The stock had previously closed at $6.43.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised their price objective on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Trading Down 3.0 %

The stock has a market cap of $803.78 million, a PE ratio of -77.99 and a beta of 1.46. The business has a 50 day moving average of $5.98 and a 200-day moving average of $5.77.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $51.50 million for the quarter, compared to analysts’ expectations 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 company posted ($0.03) EPS. Research analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently made changes to their positions in CTKB. State Street Corp lifted its position in 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 acquiring an additional 194,369 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Cytek Biosciences by 3.5% during the third 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 period. Dimensional Fund Advisors LP grew its position in Cytek Biosciences by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after buying an additional 89,615 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Cytek Biosciences by 12.3% in 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 buying an additional 113,127 shares during the period. Finally, Millennium Management LLC raised its position in Cytek Biosciences by 3,452.2% during the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after buying an additional 919,845 shares during the last quarter. 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.