Cytek Biosciences (NASDAQ:CTKB) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Cytek Biosciences shares saw unusually high trading activity, with approximately 3.27 million shares changing hands—204% above the prior session—while the stock traded near $5.41.
• Analyst sentiment is mixed: three analysts rate the stock Buy, two Hold, and one Sell, resulting in an overall “Hold” rating and an average price target of $5.56.
• The company continues to report losses, posting a quarterly loss of $0.09 per share and negative net margins, although revenue of $48.14 million exceeded estimates; institutional investors own about 69.46% of the shares.

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) saw unusually-strong trading volume on Friday. Approximately 3,267,926 shares were traded during mid-day trading, an increase of 204% from the previous session's volume of 1,073,356 shares. The stock last traded at $5.4050 and had previously closed at $5.36.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a report on Friday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Cytek Biosciences in a report on Monday, September 21st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.56.

Cytek Biosciences Stock Performance

The stock's fifty day simple moving average is $4.94 and its 200-day simple moving average is $4.55. The stock has a market cap of $705.14 million, a P/E ratio of -8.74 and a beta of 1.16.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, meeting the consensus estimate of ($0.09). Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%.The business had revenue of $48.14 million for the quarter, compared to analyst estimates of $47.31 million. As a group, equities research analysts forecast that Cytek Biosciences, Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG bought a new position in shares of Cytek Biosciences in the second quarter worth approximately $496,000. Susquehanna International Group LLP increased its position in Cytek Biosciences by 1,117.1% during the 2nd quarter. Susquehanna International Group LLP now owns 681,705 shares of the company's stock valued at $3,020,000 after buying an additional 625,695 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Cytek Biosciences during the 2nd quarter valued at $1,645,000. Bank of America Corp DE purchased a new stake in Cytek Biosciences during the 2nd quarter valued at $5,827,000. Finally, BlackRock Inc. purchased a new position in shares of Cytek Biosciences during the 2nd quarter worth $42,433,000. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc develops and manufactures cell analysis technologies for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry platform, which captures a broader range of fluorescent light signals than conventional flow cytometers and is designed to support the analysis of complex cell populations.

Cytek's product portfolio includes the Aurora and Northern Lights flow cytometers, which are available in configurations intended for a range of laboratory requirements.

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