Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Up 18.9% in March

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) saw a large growth in short interest in March. As of March 31st, there was short interest totalling 4,530,000 shares, a growth of 18.9% from the March 15th total of 3,810,000 shares. Approximately 3.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 878,800 shares, the short-interest ratio is presently 5.2 days.

Institutional Trading of Cytek Biosciences

A number of institutional investors have recently bought and sold shares of the company. State Street Corp raised its stake in shares of Cytek Biosciences by 4.9% during the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company's stock worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Geode Capital Management LLC grew its position in Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company's stock worth $14,784,000 after acquiring an additional 89,210 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cytek Biosciences by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company's stock worth $11,880,000 after purchasing an additional 262,607 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Cytek Biosciences by 11.4% during the 4th quarter. Northern Trust Corp now owns 1,188,331 shares of the company's stock valued at $7,712,000 after purchasing an additional 121,268 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cytek Biosciences by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company's stock valued at $6,899,000 after purchasing an additional 32,028 shares during the last quarter. Institutional investors and hedge funds own 69.46% of the company's stock.

Wall Street Analyst Weigh In

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

Cytek Biosciences Stock Down 1.3 %

Shares of CTKB traded down $0.05 during mid-day trading on Friday, reaching $3.77. The company's stock had a trading volume of 590,832 shares, compared to its average volume of 717,612. The company has a market cap of $482.93 million, a price-to-earnings ratio of -47.12 and a beta of 1.41. The business has a fifty day moving average of $4.14 and a 200 day moving average of $5.35. Cytek Biosciences has a 1 year low of $3.27 and a 1 year high of $7.63.

Cytek Biosciences declared that its board has authorized a share buyback program on Monday, December 30th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

About Cytek Biosciences

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.