Cytek Biosciences (NASDAQ:CTKB) Trading 3.4% Higher

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price traded up 3.4% during trading on Monday . The company traded as high as $5.41 and last traded at $5.40. 43,223 shares were traded during mid-day trading, a decline of 94% from the average session volume of 701,455 shares. The stock had previously closed at $5.22.

Analyst Ratings Changes

Separately, Piper Sandler decreased their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday.

Cytek Biosciences Price Performance

The business has a 50 day simple moving average of $5.90 and a 200 day simple moving average of $6.54. The company has a market cap of $702.31 million, a price-to-earnings ratio of -59.44 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.05). Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. The company had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. During the same quarter last year, the company earned ($0.02) EPS. As a group, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of Cytek Biosciences

Several hedge funds have recently modified their holdings of CTKB. Federated Hermes Inc. acquired a new stake in shares of Cytek Biosciences in the fourth quarter valued at approximately $36,000. SlateStone Wealth LLC bought a new position in Cytek Biosciences in the 2nd quarter valued at $70,000. Quadrature Capital Ltd acquired a new stake in shares of Cytek Biosciences in the 1st quarter valued at $102,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Cytek Biosciences during the second quarter worth $140,000. Finally, ProShare Advisors LLC lifted its stake in shares of Cytek Biosciences by 7.6% during the first quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock valued at $161,000 after acquiring an additional 1,687 shares during the period. 69.46% of the stock is owned by institutional investors.

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.