Globeflex Capital L P Acquires Shares of 84,434 Cytek Biosciences, Inc. (NASDAQ:CTKB)

Globeflex Capital L P acquired a new stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, Holdings Channel.com reports. The firm acquired 84,434 shares of the company’s stock, valued at approximately $548,000.

Other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in 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 acquiring an additional 113,127 shares during the last quarter. Barclays PLC increased its position 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 during the last quarter. Geode Capital Management LLC increased its position in Cytek Biosciences by 3.5% during the third 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 grew its holdings in shares of Cytek Biosciences by 4.9% in the third 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 during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Cytek Biosciences by 5.1% in the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $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 Price Performance

Shares of Cytek Biosciences stock opened at $4.20 on Friday. Cytek Biosciences, Inc. has a 1 year low of $4.05 and a 1 year high of $7.63. The firm’s 50-day moving average is $5.39 and its two-hundred day moving average is $5.67. The stock has a market cap of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41.

Cytek Biosciences declared that its Board of Directors has initiated 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 repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CTKB. Piper Sandler cut their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a report on Sunday, February 2nd.

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.