Cytek Biosciences (NASDAQ:CTKB) Shares Down 5.5% – Here’s What Happened

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares traded down 5.5% during trading on Wednesday . The stock traded as low as $5.74 and last traded at $5.67. 24,403 shares changed hands during trading, a decline of 97% from the average session volume of 778,774 shares. The stock had previously closed at $6.00.

Analyst Ratings Changes

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

Cytek Biosciences Stock Down 5.9 %

The business’s 50 day simple moving average is $6.41 and its 200 day simple moving average is $5.89. The stock has a market cap of $727.13 million, a price-to-earnings ratio of -70.59 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. The firm had revenue of $51.50 million during 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 business posted ($0.03) earnings per share. Equities research analysts forecast that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Cytek Biosciences announced that its board has authorized a share repurchase plan on Monday, December 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after acquiring an additional 919,845 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cytek Biosciences during the 2nd quarter worth approximately $1,305,000. State Street Corp lifted its stake in Cytek Biosciences by 4.9% in the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after purchasing an additional 194,369 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Cytek Biosciences during the third quarter worth $1,012,000. Finally, Squarepoint Ops LLC increased its holdings in Cytek Biosciences by 1,013.8% in the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company’s stock worth $1,045,000 after purchasing an additional 170,539 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors.

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.