Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 29.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 249,368 shares of the company's stock after selling 104,073 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.19% of Cytek Biosciences worth $1,618,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Algert Global LLC grew its position in Cytek Biosciences by 6.5% during the 4th quarter. Algert Global LLC now owns 350,915 shares of the company's stock valued at $2,277,000 after purchasing an additional 21,540 shares during the last quarter. Northern Trust Corp raised its stake in Cytek Biosciences by 11.4% during the 4th quarter. Northern Trust Corp now owns 1,188,331 shares of the company's stock worth $7,712,000 after acquiring an additional 121,268 shares during the period. Aquatic Capital Management LLC purchased a new stake in Cytek Biosciences during the 4th quarter valued at approximately $25,000. Topline Capital Management LLC purchased a new position in shares of Cytek Biosciences in the fourth quarter valued at $1,536,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Cytek Biosciences by 19.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,189 shares of the company's stock valued at $307,000 after purchasing an additional 7,686 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on CTKB shares. Morgan Stanley dropped their price objective on shares of Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 28th. Piper Sandler decreased their price objective on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. The Goldman Sachs Group decreased their price objective on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating for the company in a report on Monday, May 12th. TD Cowen downgraded Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price objective for the company. in a report on Friday, May 9th. Finally, Stephens restated an "overweight" rating and issued a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $5.60.

Cytek Biosciences Stock Up 1.1%

Shares of CTKB traded up $0.03 during mid-day trading on Tuesday, hitting $2.86. 636,041 shares of the company traded hands, compared to its average volume of 759,206. The business has a 50 day moving average of $3.38 and a 200 day moving average of $4.89. The company has a market capitalization of $362.24 million, a PE ratio of -35.75 and a beta of 1.42. Cytek Biosciences, Inc. has a 1-year low of $2.37 and a 1-year high of $7.63.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The firm had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. As a group, research analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences 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.