Bank of America Corp DE Raises Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Bank of America Corp DE increased its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 67.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,960 shares of the company's stock after acquiring an additional 138,492 shares during the quarter. Bank of America Corp DE owned about 0.27% of Cytek Biosciences worth $2,239,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. BNP Paribas Financial Markets bought a new position in shares of Cytek Biosciences in the 4th quarter worth about $1,354,000. Algert Global LLC increased its stake in shares of Cytek Biosciences by 6.5% in the 4th quarter. Algert Global LLC now owns 350,915 shares of the company's stock worth $2,277,000 after acquiring an additional 21,540 shares in the last quarter. Northern Trust Corp increased its stake in shares of Cytek Biosciences by 11.4% in 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 in the last quarter. Aquatic Capital Management LLC bought a new position in shares of Cytek Biosciences in the 4th quarter worth about $25,000. Finally, Topline Capital Management LLC bought a new position in shares of Cytek Biosciences in the 4th quarter worth about $1,536,000. 69.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO William D. Mccombe bought 35,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were bought at an average price of $2.78 per share, for a total transaction of $97,300.00. Following the completion of the acquisition, the chief financial officer now owns 55,746 shares of the company's stock, valued at $154,973.88. This trade represents a 168.71% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.33% of the stock is currently owned by corporate insiders.

Cytek Biosciences Stock Performance

Shares of NASDAQ:CTKB traded up $0.10 during trading on Friday, reaching $3.44. 1,565,061 shares of the stock traded hands, compared to its average volume of 786,680. The stock has a 50-day moving average of $3.32 and a two-hundred day moving average of $4.83. Cytek Biosciences, Inc. has a 52-week low of $2.37 and a 52-week high of $7.63. The stock has a market cap of $435.71 million, a P/E ratio of -42.99 and a beta of 1.26.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $43.18 million. Sell-side analysts expect that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CTKB. Piper Sandler decreased their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. Stephens reiterated an "overweight" rating and issued a $6.00 price target on shares of Cytek Biosciences in a research note on Wednesday, March 19th. The Goldman Sachs Group cut 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. Morgan Stanley reduced 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. Finally, TD Cowen downgraded shares of Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price on the stock. in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $5.60.

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.