Cytek Biosciences (NASDAQ:CTKB) Sees Strong Trading Volume – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares saw an uptick in trading volume on Monday . 2,425,979 shares traded hands during mid-day trading, an increase of 139% from the previous session’s volume of 1,015,665 shares.The stock last traded at $5.5180 and had previously closed at $5.50.

Analysts Set New Price Targets

A number of research firms have weighed in on CTKB. Zacks Research cut shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Cytek Biosciences in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.50.

Cytek Biosciences Stock Down 2.0%

The firm has a market capitalization of $693.00 million, a PE ratio of -54.90 and a beta of 1.33. The business’s fifty day moving average price is $4.08 and its 200 day moving average price is $3.68.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share (EPS) for the quarter. Cytek Biosciences had a negative return on equity of 3.35% and a negative net margin of 6.51%.The firm had revenue of $40.48 million for the quarter. On average, analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Hedge Funds Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CTKB. Federated Hermes Inc. raised its position in Cytek Biosciences by 150.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after buying an additional 4,343 shares during the last quarter. Brooklyn Investment Group increased its stake in shares of Cytek Biosciences by 992,200.0% during the first quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock worth $40,000 after acquiring an additional 9,922 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in Cytek Biosciences during the second quarter worth about $42,000. US Bancorp DE lifted its position in Cytek Biosciences by 9,698.2% in the first quarter. US Bancorp DE now owns 10,680 shares of the company’s stock valued at $43,000 after purchasing an additional 10,571 shares during the period. Finally, Captrust Financial Advisors purchased a new stake in Cytek Biosciences in the 2nd quarter valued at approximately $43,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

About Cytek Biosciences

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.