Cytek Biosciences, Inc. (NASDAQ:CTKB) Given Average Recommendation of "Hold" by Analysts

Key Points

• Analysts give Cytek Biosciences a consensus “Hold” rating: Three analysts rate it a buy, two say hold, and one recommends selling. The average 12-month price target is $5.5625.
• CTKB shares recently traded at $5.21, up 5.7%, with a market capitalization of approximately $677.2 million. The company remains unprofitable, reporting a quarterly loss of $0.09 per share despite revenue of $48.14 million.
• Institutional ownership stands at 69.46%, with BlackRock and Hhlr Advisors among investors initiating sizable positions during the second quarter.

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) has been given a consensus recommendation of "Hold" by the six brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $5.5625.

Several equities research analysts recently commented on CTKB shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Morgan Stanley set a $5.00 price objective on Cytek Biosciences in a research note on Friday, August 7th.

Cytek Biosciences Trading Up 5.7%

Shares of NASDAQ CTKB opened at $5.21 on Friday. Cytek Biosciences has a 12-month low of $3.28 and a 12-month high of $6.18. The company has a market cap of $677.20 million, a PE ratio of -8.40 and a beta of 1.18. The stock has a 50 day simple moving average of $4.60 and a 200-day simple moving average of $4.41.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.09). The business had revenue of $48.14 million for the quarter, compared to analysts' expectations of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. Sell-side analysts forecast that Cytek Biosciences will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Several large investors have recently modified their holdings of CTKB. BlackRock Inc. purchased a new position in shares of Cytek Biosciences in the second quarter worth approximately $42,433,000. Hhlr Advisors LTD. purchased a new position in shares of Cytek Biosciences during the second quarter valued at $29,491,000. Dimensional Fund Advisors LP raised its position in Cytek Biosciences by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company's stock valued at $11,638,000 after buying an additional 16,438 shares during the period. Bank of America Corp DE purchased a new stake in Cytek Biosciences in the 2nd quarter worth about $5,827,000. Finally, Susquehanna International Group LLP boosted its position in Cytek Biosciences by 1,117.1% during the 2nd quarter. Susquehanna International Group LLP now owns 681,705 shares of the company's stock worth $3,020,000 after acquiring an additional 625,695 shares during the period. 69.46% of the stock is owned by institutional investors.

About Cytek Biosciences

Cytek Biosciences, Inc NASDAQ: CTKB develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek's product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.

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