Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 5.4% – Should You Sell?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) were down 5.4% during mid-day trading on Friday . The stock traded as low as $6.11 and last traded at $6.12. Approximately 207,346 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 685,896 shares. The stock had previously closed at $6.47.

Analyst Upgrades and Downgrades

Separately, 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 Trading Down 5.4 %

The business’s fifty day moving average is $5.90 and its 200-day moving average is $5.75.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $50.63 million. During the same quarter last year, the business posted ($0.03) EPS. As a group, analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CTKB. Franklin Resources Inc. bought a new stake in Cytek Biosciences in the 3rd quarter valued at about $405,000. Barclays PLC raised its position in shares of Cytek Biosciences by 333.6% in the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after purchasing an additional 154,915 shares during the period. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Cytek Biosciences by 24.1% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 183,601 shares of the company’s stock valued at $1,017,000 after buying an additional 35,635 shares in the last quarter. Geode Capital Management LLC boosted its holdings in 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 buying an additional 89,210 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Cytek Biosciences in the 3rd quarter valued at approximately $269,000. Institutional investors 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.