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

Cytek Biosciences, Inc. (NASDAQ:CTKB) gapped down prior to trading on Wednesday . The stock had previously closed at $7.26, but opened at $6.87. Cytek Biosciences shares last traded at $6.52, with a volume of 333,029 shares changing hands.

Wall Street Analyst Weigh In

Separately, Piper Sandler upped their target price 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 17.6 %

The firm has a 50-day simple moving average of $6.61 and a two-hundred day simple moving average of $5.89. The company has a market capitalization of $770.29 million, a price-to-earnings ratio of -74.74 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results 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. The company had revenue of $51.50 million for the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period last year, the firm earned ($0.03) EPS. Equities research analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

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

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in shares of Cytek Biosciences by 4.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock worth $357,000 after acquiring an additional 2,460 shares in the last quarter. Everence Capital Management Inc. boosted its stake in shares of Cytek Biosciences by 20.9% during the 3rd 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 in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Cytek Biosciences by 6.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock worth $285,000 after acquiring an additional 3,300 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after acquiring an additional 3,635 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Cytek Biosciences by 5.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock worth $463,000 after acquiring an additional 4,096 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other 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.