Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Acquired by Bank of America Corp DE

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

A number of other institutional investors have also recently modified their holdings of the business. State of Tennessee Department of Treasury grew its holdings in shares of Cytek Biosciences by 4.4% in the fourth quarter. State of Tennessee Department of Treasury now owns 70,502 shares of the company's stock valued at $458,000 after purchasing an additional 3,003 shares during the period. Sterling Capital Management LLC lifted its holdings in Cytek Biosciences by 799.8% during 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 in the last quarter. Principal Financial Group Inc. increased its holdings in Cytek Biosciences by 0.7% during the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock worth $3,290,000 after purchasing an additional 3,753 shares during the period. Aquatic Capital Management LLC acquired a new position in shares of Cytek Biosciences during the fourth quarter worth $25,000. Finally, MetLife Investment Management LLC boosted its stake in Cytek Biosciences by 5.9% in the fourth quarter. MetLife Investment Management LLC now owns 74,398 shares of the company's stock valued at $483,000 after acquiring an additional 4,158 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Stephens reiterated an "overweight" rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Piper Sandler cut their target price 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. TD Cowen downgraded shares of Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price target for the company. in a report on Friday, May 9th. The Goldman Sachs Group reduced 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 note on Monday, May 12th. Finally, Morgan Stanley decreased their target price 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. One 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's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $5.60.

Cytek Biosciences Price Performance

CTKB stock traded down $0.05 on Thursday, hitting $3.36. 1,797,941 shares of the company were exchanged, compared to its average volume of 920,336. The stock has a market capitalization of $424.94 million, a price-to-earnings ratio of -41.93 and a beta of 1.26. Cytek Biosciences, Inc. has a twelve month low of $2.37 and a twelve month high of $7.63. The business's fifty day moving average is $3.35 and its two-hundred day moving average is $4.86.

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

Insider Buying and Selling

In related news, CFO William D. Mccombe bought 35,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was bought at an average price of $2.78 per share, with a total value of $97,300.00. Following the completion of the transaction, the chief financial officer now directly owns 55,746 shares of the company's stock, valued at approximately $154,973.88. This represents a 168.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 10.33% of the company's stock.

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.