Cytek Biosciences (NASDAQ:CTKB) Trading Up 6.3% - Should You Buy?

Key Points

• Cytek Biosciences shares rose 6.3% to about $5.62 in mid-day trading, although volume was roughly 50% below the average session level.
• Analyst sentiment remains mixed, with three Buy ratings, two Holds, and one Sell; the consensus rating is Hold with an average price target of $5.56.
• Cytek met quarterly EPS expectations at a loss of $0.09 per share and reported $48.14 million in revenue, exceeding estimates, but continues to post negative profitability metrics, including a 38.98% net margin.

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report)'s stock price rose 6.3% during mid-day trading on Tuesday . The company traded as high as $5.65 and last traded at $5.6150. 508,051 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 1,018,099 shares. The stock had previously closed at $5.28.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CTKB. Morgan Stanley set a $5.00 price target on Cytek Biosciences in a research report on Friday, August 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cytek Biosciences has a consensus rating of "Hold" and an average target price of $5.56.

Cytek Biosciences Stock Up 5.8%

The company has a market cap of $725.94 million, a P/E ratio of -9.01 and a beta of 1.18. The business has a 50-day moving average price of $4.63 and a two-hundred day moving average price of $4.42.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its stake in shares of Cytek Biosciences by 86.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company's stock worth $26,000 after buying an additional 2,388 shares during the last quarter. Quantbot Technologies LP bought a new position in Cytek Biosciences in the second quarter valued at approximately $29,000. Pallas Capital Advisors LLC acquired a new stake in Cytek Biosciences during the 2nd quarter worth $50,000. Two Sigma Securities LLC acquired a new stake in Cytek Biosciences during the 2nd quarter worth $50,000. Finally, Legal & General Group Plc bought a new stake in shares of Cytek Biosciences during the 2nd quarter valued at $52,000. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc NASDAQ: CTKB develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek's product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.

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