PNC Financial Services Group Inc. Decreases Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

PNC Financial Services Group Inc. reduced its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKBFree Report) by 27.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,095 shares of the company’s stock after selling 2,267 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cytek Biosciences were worth $56,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of CTKB. Vanguard Group Inc. raised its holdings in shares of Cytek Biosciences by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock worth $108,443,000 after acquiring an additional 811,279 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Cytek Biosciences by 16.8% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 116,937 shares of the company’s stock valued at $1,067,000 after purchasing an additional 16,804 shares during the last quarter. Zevenbergen Capital Investments LLC lifted its holdings in Cytek Biosciences by 5.0% in the 4th quarter. Zevenbergen Capital Investments LLC now owns 42,300 shares of the company’s stock valued at $386,000 after purchasing an additional 2,000 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Cytek Biosciences by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock worth $8,026,000 after purchasing an additional 44,345 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of Cytek Biosciences by 17.8% during the fourth quarter. Swiss National Bank now owns 228,500 shares of the company’s stock worth $2,084,000 after buying an additional 34,600 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Price Performance

Shares of CTKB stock opened at $5.60 on Monday. The firm’s 50-day simple moving average is $5.89 and its 200-day simple moving average is $7.03. Cytek Biosciences, Inc. has a 1-year low of $3.80 and a 1-year high of $9.87. The firm has a market cap of $735.13 million, a P/E ratio of -62.22 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKBGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $44.86 million during the quarter, compared to analyst estimates of $43.86 million. Cytek Biosciences had a negative net margin of 5.73% and a negative return on equity of 1.78%. Analysts expect that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at Cytek Biosciences

In other news, CTO Ming Yan sold 20,000 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $5.87, for a total transaction of $117,400.00. Following the completion of the sale, the chief technology officer now owns 5,988,502 shares in the company, valued at approximately $35,152,506.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler decreased their target price on shares of Cytek Biosciences from $10.00 to $8.50 and set an “overweight” rating on the stock in a research report 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. Based on data from MarketBeat.com, Cytek Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $8.63.

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About Cytek Biosciences

(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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Institutional Ownership by Quarter for Cytek Biosciences (NASDAQ:CTKB)

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