Cytek Biosciences (NASDAQ:CTKB) Posts Earnings Results

Cytek Biosciences (NASDAQ:CTKBGet Rating) issued its quarterly earnings results on Wednesday. The company reported $0.01 earnings per share for the quarter, MarketWatch Earnings reports. Cytek Biosciences had a net margin of 0.98% and a return on equity of 2.01%. Cytek Biosciences updated its FY 2022 guidance to EPS.

Shares of CTKB opened at $9.38 on Friday. The business’s 50-day moving average price is $10.44 and its 200-day moving average price is $14.88. Cytek Biosciences has a twelve month low of $7.38 and a twelve month high of $28.70.

A number of equities analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of Cytek Biosciences from $27.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 15th. The Goldman Sachs Group lowered their price objective on Cytek Biosciences from $28.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, April 13th. Zacks Investment Research cut Cytek Biosciences from a “hold” rating to a “sell” rating in a research note on Thursday, April 28th. Finally, Piper Sandler lowered their price objective on Cytek Biosciences from $20.00 to $17.00 in a research note on Tuesday, March 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Cytek Biosciences presently has a consensus rating of “Hold” and a consensus price target of $17.00.

In related news, Director Ra Capital Management, L.P. acquired 8,746 shares of the firm’s stock in a transaction that occurred on Monday, February 28th. The shares were bought at an average cost of $12.97 per share, for a total transaction of $113,435.62. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Ming Yan sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $13.44, for a total transaction of $268,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 2,168,400 shares of company stock worth $28,646,518 and have sold 120,000 shares worth $1,332,400. Corporate insiders own 15.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Chicago Partners Investment Group LLC boosted its stake in Cytek Biosciences by 13.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 10,560 shares of the company’s stock worth $153,000 after buying an additional 1,237 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its stake in shares of Cytek Biosciences by 31.5% during the first quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company’s stock valued at $69,000 after purchasing an additional 1,536 shares during the period. Royal Bank of Canada purchased a new stake in shares of Cytek Biosciences during the third quarter valued at approximately $40,000. Citigroup Inc. boosted its stake in shares of Cytek Biosciences by 87.3% during the fourth quarter. Citigroup Inc. now owns 4,171 shares of the company’s stock valued at $68,000 after purchasing an additional 1,944 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Cytek Biosciences by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 105,704 shares of the company’s stock valued at $1,726,000 after purchasing an additional 2,714 shares during the period. 35.95% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Company Profile (Get Rating)

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, which leverages full spectrum profiling technology to further broaden potential applications across cell analysis.

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