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

Summit Global Investments purchased a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 36,189 shares of the company’s stock, valued at approximately $235,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CTKB. Royce & Associates LP raised its holdings in shares of Cytek Biosciences by 159.6% during the fourth quarter. Royce & Associates LP now owns 470,819 shares of the company’s stock worth $3,056,000 after acquiring an additional 289,425 shares during the period. State Street Corp increased its holdings in Cytek Biosciences by 4.9% during the 3rd 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 in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Cytek Biosciences in the 3rd quarter valued at about $1,012,000. Barclays PLC lifted its holdings 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 in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Cytek Biosciences during the fourth quarter worth about $765,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CTKB shares. Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 4th. Stephens reiterated an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. Finally, The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a report on Sunday, February 2nd.

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB opened at $4.10 on Wednesday. The stock has a 50 day moving average price of $5.01 and a 200 day moving average price of $5.61. The stock 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 declared that its board has authorized a stock repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

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.