Cytek Biosciences (NASDAQ:CTKB) Shares Down 4% – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares dropped 4% on Tuesday . The company traded as low as $5.21 and last traded at $5.18. Approximately 131,199 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 778,406 shares. The stock had previously closed at $5.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group downgraded shares of Cytek Biosciences from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $7.00 to $4.50 in a research report on Friday, January 31st. Piper Sandler increased their price target on 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 Price Performance

The firm has a market capitalization of $722.62 million, a price-to-earnings ratio of -70.12 and a beta of 1.40. The stock’s fifty day moving average is $6.29 and its two-hundred day moving average is $5.85.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data 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. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The company had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. During the same period in the previous year, the business earned ($0.03) EPS. As a group, analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences announced that its board has initiated a stock repurchase plan on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of Cytek Biosciences by 280.3% in the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after purchasing an additional 3,635 shares during the period. Proficio Capital Partners LLC bought a new position in Cytek Biosciences in the 4th quarter valued at about $71,000. Olympiad Research LP acquired a new stake in Cytek Biosciences during the third quarter worth approximately $72,000. Everence Capital Management Inc. boosted its holdings in shares of Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after acquiring an additional 2,900 shares during the period. Finally, Bailard Inc. acquired a new position in shares of Cytek Biosciences in the fourth quarter valued at approximately $123,000. 69.46% of the stock is owned by institutional investors.

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.