Wellington Management Group LLP Trims Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Wellington Management Group LLP decreased its position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 24.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,517,214 shares of the company's stock after selling 489,925 shares during the period. Wellington Management Group LLP owned approximately 1.18% of Cytek Biosciences worth $9,847,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Cytek Biosciences by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company's stock worth $11,880,000 after purchasing an additional 262,607 shares in the last quarter. Northern Trust Corp grew its stake in shares of Cytek Biosciences by 11.4% during the 4th quarter. Northern Trust Corp now owns 1,188,331 shares of the company's stock valued at $7,712,000 after acquiring an additional 121,268 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Cytek Biosciences by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company's stock valued at $6,899,000 after acquiring an additional 32,028 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Cytek Biosciences by 58.3% during the 4th quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock valued at $6,150,000 after acquiring an additional 349,146 shares during the period. Finally, Millennium Management LLC grew its stake 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 acquiring an additional 613,314 shares during the period. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Stock Performance

Shares of CTKB traded up $0.55 during mid-day trading on Wednesday, hitting $3.40. 2,919,704 shares of the stock were exchanged, compared to its average volume of 770,849. The company has a market cap of $430.64 million, a PE ratio of -42.49 and a beta of 1.42. Cytek Biosciences, Inc. has a 52-week low of $2.37 and a 52-week high of $7.63. The firm has a 50-day moving average of $3.36 and a two-hundred day moving average of $4.88.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released its quarterly 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 net margin of 5.05% and a negative return on equity of 2.58%. The company had revenue of $41.46 million for the quarter, compared to analysts' expectations of $43.18 million. On average, sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Insider Activity at Cytek Biosciences

In other Cytek Biosciences news, CFO William D. Mccombe bought 35,000 shares of Cytek Biosciences stock in a transaction on Monday, June 2nd. The shares were acquired at an average price of $2.78 per share, for a total transaction of $97,300.00. Following the completion of the purchase, the chief financial officer now directly owns 55,746 shares in the company, valued at approximately $154,973.88. This trade represents a 168.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CTKB shares. Morgan Stanley cut their price objective on 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. The Goldman Sachs Group dropped their price target on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating for the company in a research note on Monday, May 12th. Stephens restated an "overweight" rating and issued a $6.00 price target on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Piper Sandler dropped their price target on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. Finally, TD Cowen downgraded Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price target for the company. in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Cytek Biosciences presently 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.