Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $7.26, but opened at $6.87. Cytek Biosciences shares last traded at $6.52, with a volume of 333,029 shares changing hands.

Wall Street Analysts Forecast Growth

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

Cytek Biosciences Stock Performance

The stock has a market cap of $707.17 million, a price-to-earnings ratio of -68.62 and a beta of 1.44. The company’s 50 day simple moving average is $6.55 and its 200 day simple moving average is $5.89.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. The firm had revenue of $51.50 million for the quarter, compared to analysts’ expectations of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same quarter last year, the company earned ($0.03) EPS. Sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences declared that its board has approved a stock buyback plan on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently bought and sold shares of the stock. State Street Corp increased its stake in Cytek Biosciences by 4.9% during the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after buying an additional 194,369 shares during the period. Geode Capital Management LLC grew its stake in shares of Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after purchasing an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Cytek Biosciences by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock worth $8,175,000 after purchasing an additional 89,615 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Cytek Biosciences by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after purchasing an additional 113,127 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Cytek Biosciences by 3,452.2% in the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after purchasing an additional 919,845 shares during the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.