KLP Kapitalforvaltning AS Takes $131,000 Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

KLP Kapitalforvaltning AS acquired a new stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 20,200 shares of the company’s stock, valued at approximately $131,000.

Several other large investors have also added to or reduced their stakes in the stock. Royce & Associates LP grew its stake in Cytek Biosciences by 159.6% during the fourth quarter. Royce & Associates LP now owns 470,819 shares of the company’s stock valued at $3,056,000 after acquiring an additional 289,425 shares in the last quarter. State Street Corp boosted its holdings 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 period. Barclays PLC grew its position in shares of Cytek Biosciences by 333.6% during the 3rd quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after purchasing an additional 154,915 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Cytek Biosciences in the fourth quarter worth $765,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Cytek Biosciences by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after buying an additional 113,127 shares in the last quarter. Institutional investors own 69.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CTKB shares. Stephens restated an “overweight” rating and issued a $6.00 target price on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Price Performance

NASDAQ:CTKB opened at $3.74 on Thursday. The company has a market capitalization of $479.08 million, a price-to-earnings ratio of -46.74 and a beta of 1.41. The business has a 50 day moving average of $4.53 and a 200 day moving average of $5.48. Cytek Biosciences, Inc. has a 1-year low of $3.27 and a 1-year high of $7.63.

Cytek Biosciences declared that its board has approved a stock buyback plan on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

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.