Cytek Biosciences, Inc. (NASDAQ:CTKB) Given Consensus Rating of “Hold” by Brokerages

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been given an average rating of “Hold” by the six analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $5.6875.

Several research firms have recently weighed in on CTKB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Morgan Stanley cut their price target on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Tuesday, May 12th. Finally, Stephens reduced their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th.

Institutional Investors Weigh In On Cytek Biosciences

A number of large investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. increased its holdings in Cytek Biosciences by 99.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after purchasing an additional 2,500 shares in the last quarter. Federated Hermes Inc. boosted its stake in Cytek Biosciences by 150.9% in the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after purchasing an additional 4,343 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Cytek Biosciences by 86.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after purchasing an additional 2,388 shares in the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Cytek Biosciences during the third quarter worth $43,000. Finally, Captrust Financial Advisors bought a new stake in shares of Cytek Biosciences during the second quarter worth $43,000. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $4.38 on Thursday. The company has a market capitalization of $565.63 million, a PE ratio of -7.68 and a beta of 1.17. Cytek Biosciences has a one year low of $3.28 and a one year high of $6.18. The business has a 50 day simple moving average of $4.29 and a 200 day simple moving average of $4.47.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The company had revenue of $44.13 million during the quarter, compared to the consensus estimate of $44.23 million. Equities analysts anticipate that Cytek Biosciences will post -0.21 earnings per share for the current fiscal year.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.