Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 2.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 520,743 shares of the company’s stock after buying an additional 13,818 shares during the quarter. Principal Financial Group Inc. owned about 0.41% of Cytek Biosciences worth $2,088,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its stake in shares of Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after purchasing an additional 3,455 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in shares of Cytek Biosciences in the fourth quarter valued at approximately $25,000. PNC Financial Services Group Inc. boosted its stake in shares of Cytek Biosciences by 111.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after buying an additional 4,665 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Cytek Biosciences in the first quarter valued at approximately $63,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cytek Biosciences in the fourth quarter valued at approximately $71,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Insider Buying and Selling at Cytek Biosciences

In other Cytek Biosciences news, CFO William D. Mccombe bought 35,000 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was acquired at an average price of $2.78 per share, with a total value of $97,300.00. Following the completion of the transaction, the chief financial officer directly owned 55,746 shares in the company, valued at approximately $154,973.88. This represents a 168.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.33% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CTKB has been the subject of a number of research analyst reports. TD Cowen cut Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 price target for the company. in a research report on Friday, May 9th. Morgan Stanley dropped their price target on Cytek Biosciences from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group dropped their price target on Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.60.

Cytek Biosciences Trading Down 5.2%

Shares of Cytek Biosciences stock opened at $3.13 on Friday. The business’s 50 day simple moving average is $3.13 and its 200-day simple moving average is $4.18. The stock has a market capitalization of $396.45 million, a price-to-earnings ratio of -34.77 and a beta of 1.33. Cytek Biosciences, Inc. has a twelve month low of $2.37 and a twelve month high of $7.63.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The business had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. Cytek Biosciences had a negative net margin of 5.71% and a negative return on equity of 2.90%. Sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Cytek Biosciences 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.