Share Buyback Plan Announced by Cytek Biosciences (NASDAQ:CTKB) Board

Cytek Biosciences (NASDAQ:CTKB) declared that its board has initiated a stock buyback program on Monday, December 30th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lifted their target price on Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Trading Down 0.9 %

CTKB stock opened at $6.49 on Thursday. The business’s 50-day moving average price is $6.24 and its two-hundred day moving average price is $5.80. The firm has a market cap of $835.98 million, a PE ratio of -81.11 and a beta of 1.46. Cytek Biosciences has a 1-year low of $4.66 and a 1-year high of $9.33.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.03. The firm had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period in the previous year, the company posted ($0.03) earnings per share. On average, analysts forecast that Cytek Biosciences will post -0.06 earnings per share for the current year.

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.