Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 7.2% – Should You Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB) rose 7.2% during mid-day trading on Friday . The stock traded as high as $5.54 and last traded at $5.5850. Approximately 568,885 shares were traded during trading, a decline of 45% from the average daily volume of 1,039,526 shares. The stock had previously closed at $5.21.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CTKB shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cytek Biosciences in a research report on Wednesday, October 8th. Zacks Research cut Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Piper Sandler decreased their price objective on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Cytek Biosciences presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Cytek Biosciences Stock Performance

The firm has a market capitalization of $749.90 million, a P/E ratio of -58.84 and a beta of 1.33. The business has a fifty day moving average of $4.13 and a 200-day moving average of $3.70.

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

Institutional Trading of Cytek Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. boosted its holdings in shares of Cytek Biosciences by 150.9% in the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after acquiring an additional 4,343 shares in the last quarter. Brooklyn Investment Group lifted its position in Cytek Biosciences by 992,200.0% in the first quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock worth $40,000 after purchasing an additional 9,922 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in Cytek Biosciences during the 2nd quarter valued at $42,000. US Bancorp DE increased its position in shares of Cytek Biosciences by 9,698.2% during the 1st 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 bought a new stake in shares of Cytek Biosciences in the 2nd quarter worth $43,000. 69.46% of the stock is currently owned by 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.