Cytek Biosciences (NASDAQ:CTKB) Shares Gap Up to $5.73

Cytek Biosciences, Inc. (NASDAQ:CTKBGet Free Report)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $5.73, but opened at $6.00. Cytek Biosciences shares last traded at $5.99, with a volume of 138,839 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CTKB. The Goldman Sachs Group lifted their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Piper Sandler cut their price objective on Cytek Biosciences from $10.00 to $8.50 and set an “overweight” rating for the company in a research note on Monday, May 13th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cytek Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $8.63.

View Our Latest Analysis on Cytek Biosciences

Cytek Biosciences Stock Performance

The company has a 50 day simple moving average of $6.10 and a 200 day simple moving average of $7.31. The company has a market capitalization of $787.62 million, a PE ratio of -66.66 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKBGet Free Report) last issued its earnings results on Wednesday, May 8th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $44.86 million for the quarter, compared to analysts’ expectations of $43.86 million. Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. As a group, equities research analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Insider Transactions at Cytek Biosciences

In other news, CTO Ming Yan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $5.87, for a total transaction of $117,400.00. Following the transaction, the chief technology officer now directly owns 5,988,502 shares in the company, valued at approximately $35,152,506.74. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 41,900 shares of company stock worth $266,100 in the last ninety days. Insiders own 9.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Cytek Biosciences by 1.0% in the first quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock valued at $80,606,000 after acquiring an additional 122,105 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in Cytek Biosciences by 25.6% in the fourth quarter. New York State Common Retirement Fund now owns 2,947,986 shares of the company’s stock valued at $26,886,000 after acquiring an additional 599,971 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cytek Biosciences by 7.4% in the third quarter. Wellington Management Group LLP now owns 1,445,538 shares of the company’s stock valued at $7,979,000 after acquiring an additional 99,170 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Cytek Biosciences by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock valued at $8,026,000 after acquiring an additional 44,345 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Cytek Biosciences by 17.3% in the third quarter. Principal Financial Group Inc. now owns 558,546 shares of the company’s stock valued at $3,083,000 after acquiring an additional 82,456 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Company Profile

(Get Free Report)

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.

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