Cytek Biosciences (NASDAQ:CTKB) Sets New 12-Month Low – Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $3.97 and last traded at $4.02, with a volume of 305831 shares trading hands. The stock had previously closed at $4.10.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Stephens reiterated an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday, March 19th. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a research note on Sunday, February 2nd. Finally, Piper Sandler reduced their price objective on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday, March 4th.

Cytek Biosciences Stock Performance

The company has a market capitalization of $512.39 million, a PE ratio of -49.99 and a beta of 1.41. The company’s fifty day moving average is $4.95 and its 200-day moving average is $5.59.

Cytek Biosciences declared that its board has authorized a share repurchase program on Monday, December 30th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in shares of Cytek Biosciences by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after buying an additional 113,127 shares during the last quarter. Barclays PLC grew its stake in Cytek Biosciences by 333.6% during the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after acquiring an additional 154,915 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after acquiring an additional 89,210 shares during the last quarter. State Street Corp lifted its stake in Cytek Biosciences by 4.9% in the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Cytek Biosciences by 5.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock valued at $463,000 after purchasing an additional 4,096 shares during the last quarter. Institutional investors own 69.46% of the company’s stock.

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.