36,189 Shares in Cytek Biosciences, Inc. (NASDAQ:CTKB) Purchased by Summit Global Investments

Summit Global Investments acquired a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 36,189 shares of the company’s stock, valued at approximately $235,000.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its position in Cytek Biosciences by 280.3% in the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after buying an additional 4,665 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Cytek Biosciences during the 4th quarter worth approximately $71,000. Cibc World Markets Corp bought a new stake in shares of Cytek Biosciences during the fourth quarter worth approximately $74,000. Finally, Bailard Inc. acquired a new position in Cytek Biosciences in the fourth quarter valued at approximately $123,000. 69.46% of the stock is owned by institutional investors.

Cytek Biosciences Stock Performance

Shares of NASDAQ:CTKB opened at $4.10 on Wednesday. The company has a 50 day moving average price of $5.01 and a two-hundred day moving average price of $5.61. The company has a market capitalization of $525.20 million, a PE ratio of -51.24 and a beta of 1.41. Cytek Biosciences, Inc. has a 52 week low of $4.00 and a 52 week high of $7.63.

Cytek Biosciences announced that its Board of Directors has approved a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

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

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.