Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down After Earnings Miss

Key Points

• Shares dropped after an earnings miss: CTKB opened at $4.49 (previous close $4.92) and last traded near $4.37 after reporting Q earnings of ($0.15) per share (vs. consensus ($0.08)) with revenue $44.14M roughly in line with estimates.
• Mixed analyst outlook but consensus "Hold": Two analysts rate the stock Buy, two Hold and two Sell, producing a MarketBeat consensus rating of Hold and a $5.38 consensus price target.
• Significant institutional activity: Firms like AQR and Jane Street dramatically increased stakes in Q1 (over 300% gains in holdings), leaving institutions owning about 69.46% of the shares despite the company having a negative net margin (~33%) and negative ROE.

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report)'s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $4.92, but opened at $4.49. Cytek Biosciences shares last traded at $4.3660, with a volume of 382,324 shares trading hands.

The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.07). The firm had revenue of $44.14 million during the quarter, compared to analyst estimates of $44.23 million. Cytek Biosciences had a negative net margin of 33.02% and a negative return on equity of 7.70%.

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Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CTKB shares. TD Cowen restated a "buy" rating on shares of Cytek Biosciences in a research note on Thursday, January 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Cytek Biosciences in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Cytek Biosciences presently has a consensus rating of "Hold" and a consensus price target of $5.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CTKB. AQR Capital Management LLC grew its holdings in Cytek Biosciences by 394.4% during the first quarter. AQR Capital Management LLC now owns 653,277 shares of the company's stock worth $2,620,000 after acquiring an additional 521,135 shares during the period. Jane Street Group LLC grew its holdings in Cytek Biosciences by 412.2% in the first quarter. Jane Street Group LLC now owns 344,169 shares of the company's stock valued at $1,380,000 after purchasing an additional 276,972 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Cytek Biosciences in the first quarter valued at $162,000. Strs Ohio purchased a new stake in shares of Cytek Biosciences in the 1st quarter worth about $105,000. Finally, Creative Planning increased its holdings in Cytek Biosciences by 455.4% during the 2nd quarter. Creative Planning now owns 55,677 shares of the company's stock valued at $189,000 after acquiring an additional 45,652 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company's stock.

Cytek Biosciences Price Performance

The business's 50-day simple moving average is $4.48 and its 200-day simple moving average is $4.75. The company has a market cap of $563.44 million, a price-to-earnings ratio of -8.52 and a beta of 1.22.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company's core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.

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