Topline Capital Management LLC Grows Stock Holdings in Cytek Biosciences, Inc. $CTKB

Key Points

• Topline Capital Management LLC significantly increased its stake in Cytek Biosciences, raising its position by 521.6% to 1,470,775 shares, making it the firm's 19th largest holding.
• Several institutional investors are also increasing their investments in Cytek Biosciences, with hedge funds now owning about 69.46% of the company's stock.
• Wall Street analysts recently downgraded Cytek Biosciences, with TD Cowen and Goldman Sachs lowering their ratings and price targets for the stock.

Topline Capital Management LLC raised its position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 521.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,470,775 shares of the company's stock after purchasing an additional 1,234,179 shares during the period. Cytek Biosciences accounts for 1.3% of Topline Capital Management LLC's investment portfolio, making the stock its 19th biggest position. Topline Capital Management LLC owned about 1.15% of Cytek Biosciences worth $5,898,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Cytek Biosciences during the 1st quarter valued at $63,000. New York State Teachers Retirement System raised its position in shares of Cytek Biosciences by 6.8% during the 1st quarter. New York State Teachers Retirement System now owns 48,463 shares of the company's stock valued at $194,000 after buying an additional 3,100 shares in the last quarter. Millennium Management LLC raised its position in shares of Cytek Biosciences by 321.8% during the 4th quarter. Millennium Management LLC now owns 803,923 shares of the company's stock valued at $5,217,000 after buying an additional 613,314 shares in the last quarter. Deutsche Bank AG raised its position in shares of Cytek Biosciences by 54.8% during the 4th quarter. Deutsche Bank AG now owns 103,182 shares of the company's stock valued at $670,000 after buying an additional 36,542 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of 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 buying an additional 13,818 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CTKB. TD Cowen cut 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. 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. Finally, Morgan Stanley lowered 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. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $5.60.

Cytek Biosciences Stock Performance

NASDAQ:CTKB traded down $0.19 during trading hours on Tuesday, reaching $3.96. The company's stock had a trading volume of 339,588 shares, compared to its average volume of 1,012,244. The firm has a market capitalization of $503.16 million, a price-to-earnings ratio of -79.10 and a beta of 1.36. The firm has a 50-day simple moving average of $3.70 and a 200-day simple moving average of $3.71. Cytek Biosciences, Inc. has a 1 year low of $2.37 and a 1 year high of $7.63.

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.