Insider Buying: Cytek Biosciences, Inc. (NASDAQ:CTKB) CFO Acquires 35,000 Shares of Stock

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) CFO William D. Mccombe bought 35,000 shares of the firm's stock in a transaction dated 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 acquisition, the chief financial officer now directly owns 55,746 shares of the company's stock, valued at approximately $154,973.88. The trade was a 168.71% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Cytek Biosciences Stock Performance

NASDAQ:CTKB traded down $0.06 during mid-day trading on Thursday, hitting $3.34. The company had a trading volume of 3,049,948 shares, compared to its average volume of 781,559. Cytek Biosciences, Inc. has a fifty-two week low of $2.37 and a fifty-two week high of $7.63. The business's fifty day moving average is $3.35 and its two-hundred day moving average is $4.86. The firm has a market cap of $423.04 million, a P/E ratio of -41.74 and a beta of 1.26.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released 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 net margin of 5.05% and a negative return on equity of 2.58%. The company had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. Equities analysts forecast that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CTKB shares. The Goldman Sachs Group decreased their target price on Cytek Biosciences from $3.50 to $3.00 and set a "sell" rating on the stock in a report on Monday, May 12th. Morgan Stanley decreased their price target on Cytek Biosciences from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. TD Cowen cut Cytek Biosciences from a "buy" rating to a "hold" rating and set a $4.00 price target on the stock. in a report on Friday, May 9th. Stephens reiterated an "overweight" rating and issued a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th. Finally, Piper Sandler decreased their price target on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $5.60.

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its stake in Cytek Biosciences by 321.8% in the fourth 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 during the period. Deutsche Bank AG lifted its stake in Cytek Biosciences by 54.8% in the fourth 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 during the period. Principal Financial Group Inc. lifted its stake in Cytek Biosciences by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock valued at $3,290,000 after buying an additional 3,753 shares during the period. JPMorgan Chase & Co. lifted its stake 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 during the period. Finally, Pacer Advisors Inc. acquired a new stake in shares of Cytek Biosciences during the fourth quarter worth about $196,000. Institutional investors and hedge funds own 69.46% of the company's stock.

Cytek Biosciences Company 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.