Cytek Biosciences (NASDAQ:CTKB) Trading Up 2.2% – Time to Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB) rose 2.2% on Friday . The company traded as high as $4.09 and last traded at $4.15. Approximately 241,808 shares changed hands during trading, a decline of 64% from the average daily volume of 680,270 shares. The stock had previously closed at $4.06.

Analyst Ratings Changes

CTKB has been the subject of a number of research analyst reports. Stephens reiterated an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday. Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Stock Performance

The company has a 50 day moving average of $5.18 and a 200-day moving average of $5.63. The stock has a market cap of $536.09 million, a price-to-earnings ratio of -52.29 and a beta of 1.41.

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

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cytek Biosciences by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,074 shares of the company’s stock valued at $448,000 after purchasing an additional 2,373 shares in the last quarter. State of Tennessee Department of Treasury raised its position in Cytek Biosciences by 4.4% in the 4th quarter. State of Tennessee Department of Treasury now owns 70,502 shares of the company’s stock valued at $458,000 after purchasing an additional 3,003 shares in the last quarter. Sterling Capital Management LLC raised its position in Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after purchasing an additional 3,455 shares in the last quarter. GAMMA Investing LLC raised its position in Cytek Biosciences by 280.3% in the 4th 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 in the last quarter. Finally, Principal Financial Group Inc. raised its position in Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company’s stock valued at $3,290,000 after purchasing an additional 3,753 shares in the last quarter. Institutional investors and hedge funds 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.