Teachers Retirement System of The State of Kentucky Sells 132,941 Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB)

Key Points

• Teachers Retirement System of The State of Kentucky has reduced its holdings in Cytek Biosciences by 84.5%, leaving them with 24,338 shares worth $97,000.
• Despite these changes, other investors, such as Millennium Management LLC, significantly increased their positions, growing by 321.8% in the previous quarter.
• Analysts have adjusted their ratings on Cytek Biosciences, with Morgan Stanley lowering its price target from $9.00 to $7.00 while maintaining an "equal weight" rating.

Teachers Retirement System of The State of Kentucky lowered its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 84.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,338 shares of the company's stock after selling 132,941 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Cytek Biosciences were worth $97,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. CWM LLC increased its position in shares of Cytek Biosciences by 1,637.7% in the first quarter. CWM LLC now owns 18,020 shares of the company's stock worth $72,000 after acquiring an additional 16,983 shares in the last quarter. Principal Financial Group Inc. raised its stake in Cytek Biosciences by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 520,743 shares of the company's stock valued at $2,088,000 after purchasing an additional 13,818 shares during the period. Acuitas Investments LLC purchased a new stake in shares of Cytek Biosciences in the first quarter valued at $1,328,000. New York State Teachers Retirement System lifted its holdings in shares of Cytek Biosciences by 6.8% in the first quarter. New York State Teachers Retirement System now owns 48,463 shares of the company's stock valued at $194,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in shares of Cytek Biosciences in the first quarter worth $98,000. Institutional investors and hedge funds own 69.46% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CTKB. Morgan Stanley dropped their price target on 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. TD Cowen cut 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. Finally, The Goldman Sachs Group lowered 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $5.60.

Insider Buying and Selling at Cytek Biosciences

In other news, CFO William D. Mccombe acquired 35,000 shares of Cytek Biosciences stock in a transaction dated Monday, June 2nd. The stock was acquired at an average cost of $2.78 per share, for a total transaction of $97,300.00. Following the completion of the purchase, the chief financial officer owned 55,746 shares of the company's stock, valued at $154,973.88. This represents a 168.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 10.33% of the company's stock.

Cytek Biosciences Price Performance

NASDAQ CTKB traded up $0.36 during trading on Friday, reaching $3.69. The company's stock had a trading volume of 1,604,133 shares, compared to its average volume of 878,176. The business has a 50-day moving average price of $3.19 and a 200-day moving average price of $4.04. 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 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). Cytek Biosciences had a negative net margin of 5.71% and a negative return on equity of 2.90%. The business had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. As a group, equities analysts predict that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

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.