Cytek Biosciences, Inc. (NASDAQ:CTKB) Stock Has Average Target Price of $5.56

Key Points

• Analysts have a mixed outlook: Six analysts give Cytek Biosciences an average “Hold” rating, with three buys, two holds, and one sell. The average 12-month price target is $5.56, slightly above the reported $5.31 share price.
• Institutional ownership is significant: Institutional investors own 69.46% of the company, with several firms recently initiating or increasing positions.
• Financial performance remains unprofitable: Cytek reported quarterly revenue of $48.14 million and an EPS loss of $0.09, while analysts expect a full-year loss of approximately $0.30 per share.

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) have earned an average recommendation of "Hold" from the six analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $5.56.

A number of equities research analysts have recently issued reports on the company. Morgan Stanley set a $5.00 price objective on Cytek Biosciences in a research note on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cytek Biosciences in a report on Monday, September 21st.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its position in Cytek Biosciences by 86.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company's stock worth $26,000 after buying an additional 2,388 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Cytek Biosciences in the second quarter valued at approximately $29,000. Pallas Capital Advisors LLC acquired a new stake in shares of Cytek Biosciences in the second quarter valued at approximately $50,000. Two Sigma Securities LLC acquired a new stake in shares of Cytek Biosciences in the second quarter valued at approximately $50,000. Finally, Legal & General Group Plc bought a new position in shares of Cytek Biosciences during the 2nd quarter worth approximately $52,000. 69.46% of the stock is owned by institutional investors.

Cytek Biosciences Trading Down 2.2%

Shares of CTKB opened at $5.31 on Tuesday. Cytek Biosciences has a 12 month low of $3.31 and a 12 month high of $6.21. The firm has a fifty day simple moving average of $4.98 and a 200 day simple moving average of $4.56. The stock has a market capitalization of $690.19 million, a price-to-earnings ratio of -8.56 and a beta of 1.16.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, hitting analysts' consensus estimates of ($0.09). The company had revenue of $48.14 million during the quarter, compared to the consensus estimate of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. As a group, research analysts predict that Cytek Biosciences will post -0.30 earnings per share for the current fiscal year.

About Cytek Biosciences

Cytek Biosciences, Inc develops and manufactures cell analysis technologies for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry platform, which captures a broader range of fluorescent light signals than conventional flow cytometers and is designed to support the analysis of complex cell populations.

Cytek's product portfolio includes the Aurora and Northern Lights flow cytometers, which are available in configurations intended for a range of laboratory requirements.

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