XTX Topco Ltd Grows Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Key Points

• XTX Topco Ltd significantly increased its stake in Cytek Biosciences by 714.5%, acquiring an additional 149,373 shares, bringing its total holdings to 170,279 shares valued at approximately $683,000.
• Cytek Biosciences reported a loss of $0.09 per share for the last quarter, missing analysts’ expectations, and had a revenue of $41.46 million, which was below estimates of $43.18 million.
• Wall Street analysts have mixed ratings on Cytek Biosciences, with a consensus rating of "Hold" and an average price target of $5.60, after several price objectives were reduced by major firms.

XTX Topco Ltd lifted its position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 714.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 170,279 shares of the company's stock after acquiring an additional 149,373 shares during the period. XTX Topco Ltd owned 0.13% of Cytek Biosciences worth $683,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in Cytek Biosciences by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company's stock valued at $11,880,000 after purchasing an additional 262,607 shares during the period. Northern Trust Corp grew its position in shares of Cytek Biosciences by 11.4% during the fourth 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 during the last quarter. JPMorgan Chase & Co. increased its holdings in Cytek Biosciences by 58.3% in the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock valued at $6,150,000 after buying an additional 349,146 shares in the last quarter. Millennium Management LLC lifted its holdings 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 worth $5,217,000 after acquiring an additional 613,314 shares during the period. Finally, Royce & Associates LP grew its stake in Cytek Biosciences by 20.2% during the first quarter. Royce & Associates LP now owns 565,819 shares of the company's stock worth $2,269,000 after buying an additional 95,000 shares during the period. 69.46% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO William D. Mccombe bought 35,000 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $2.78 per share, with a total value of $97,300.00. Following the transaction, the chief financial officer owned 55,746 shares in the company, valued at approximately $154,973.88. This trade represents a 168.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 10.33% of the company's stock.

Cytek Biosciences Stock Performance

CTKB traded down $0.14 during midday trading on Friday, reaching $3.97. 781,076 shares of the company were exchanged, compared to its average volume of 1,010,276. The company has a market cap of $502.46 million, a price-to-earnings ratio of -79.50 and a beta of 1.34. The company's fifty day moving average price is $3.41 and its 200 day moving average price is $3.90. Cytek Biosciences, Inc. has a one year low of $2.37 and a one year high of $7.63.

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). The firm had revenue of $41.46 million during the quarter, compared to the consensus estimate of $43.18 million. Cytek Biosciences had a negative return on equity of 1.65% and a negative net margin of 3.27%. As a group, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on CTKB shares. TD Cowen downgraded Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 target price on the stock. in a report on Friday, May 9th. Morgan Stanley reduced their price target on Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group reduced their target price on shares of Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating for the company in a research note 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $5.60.

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.