Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Update

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) saw a large growth in short interest in March. As of March 31st, there was short interest totalling 9,950,000 shares, a growth of 16.9% from the March 15th total of 8,510,000 shares. Currently, 8.4% of the shares of the company are sold short. Based on an average daily volume of 723,300 shares, the short-interest ratio is currently 13.8 days.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Cytek Biosciences from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Thursday, February 29th. Piper Sandler decreased their target price on shares of Cytek Biosciences from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $9.00.

Insider Buying and Selling

In related news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $6.77, for a total value of $135,400.00. Following the completion of the sale, the chief technology officer now directly owns 6,030,402 shares in the company, valued at approximately $40,825,821.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in CTKB. Royal Bank of Canada increased its holdings in Cytek Biosciences by 222.0% in the 3rd quarter. Royal Bank of Canada now owns 2,074 shares of the company's stock worth $30,000 after acquiring an additional 1,430 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Cytek Biosciences by 68.5% during the third quarter. Tower Research Capital LLC TRC now owns 5,811 shares of the company's stock worth $32,000 after buying an additional 2,362 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of Cytek Biosciences during the fourth quarter worth $36,000. State of Wyoming grew its holdings in shares of Cytek Biosciences by 101.0% during the second quarter. State of Wyoming now owns 4,632 shares of the company's stock worth $40,000 after buying an additional 2,328 shares in the last quarter. Finally, UBS Group AG grew its holdings in shares of Cytek Biosciences by 6,269.8% during the third quarter. UBS Group AG now owns 4,013 shares of the company's stock worth $59,000 after buying an additional 3,950 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company's stock.

Cytek Biosciences Stock Performance

Shares of CTKB traded down $0.13 during trading hours on Friday, hitting $6.17. The stock had a trading volume of 465,540 shares, compared to its average volume of 690,203. The firm has a 50-day moving average price of $7.43 and a 200 day moving average price of $7.07. Cytek Biosciences has a fifty-two week low of $3.80 and a fifty-two week high of $12.31. The firm has a market capitalization of $807.16 million, a price-to-earnings ratio of -68.55 and a beta of 1.37.

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.