Cytek Biosciences (NASDAQ:CTKB) Trading Up 2.4% - Here's Why

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) shot up 2.4% during trading on Tuesday . The stock traded as high as $3.60 and last traded at $3.48. 1,129,459 shares changed hands during trading, an increase of 38% from the average session volume of 819,132 shares. The stock had previously closed at $3.40.

Analyst Ratings Changes

Several brokerages have recently commented on CTKB. The Goldman Sachs Group decreased their price objective on shares of Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a research report on Monday, May 12th. TD Cowen downgraded shares of Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price objective on the stock. in a research report on Friday, May 9th. Morgan Stanley decreased their price objective on shares of Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Finally, Stephens restated an "overweight" rating and set a $6.00 price objective on shares of Cytek Biosciences in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $5.60.

Cytek Biosciences Stock Performance

The company has a market capitalization of $476.24 million, a P/E ratio of -41.77 and a beta of 1.33. The business's fifty day simple moving average is $3.19 and its 200-day simple moving average is $4.38.

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

Insider Transactions at Cytek Biosciences

In other Cytek Biosciences news, CFO William D. Mccombe bought 35,000 shares of Cytek Biosciences stock in a transaction dated Monday, June 2nd. The shares were purchased at an average cost of $2.78 per share, for a total transaction of $97,300.00. Following the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 10.33% of the company's stock.

Institutional Trading of Cytek Biosciences

Large investors have recently made changes to their positions in the business. Aquatic Capital Management LLC bought a new stake in shares of Cytek Biosciences in the 4th quarter worth about $25,000. Sterling Capital Management LLC increased its holdings 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 worth $25,000 after buying an additional 3,455 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company's stock worth $57,000 after buying an additional 4,665 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Cytek Biosciences by 992,200.0% in the 1st quarter. Brooklyn Investment Group now owns 9,923 shares of the company's stock worth $40,000 after buying an additional 9,922 shares during the last quarter. Finally, US Bancorp DE increased its holdings in shares of Cytek Biosciences by 9,698.2% in the 1st quarter. US Bancorp DE now owns 10,680 shares of the company's stock worth $43,000 after buying an additional 10,571 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Company 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.