Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Average Rating of “Hold” from Brokerages

Cytek Biosciences, Inc. (NASDAQ:CTKB) has earned an average rating of “Hold” from the seven research firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $5.50.

CTKB has been the subject of a number of research reports. Zacks Research cut shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cytek Biosciences in a research report on Wednesday, October 8th. Finally, Piper Sandler decreased their target price on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a research report on Tuesday, November 11th.

Hedge Funds Weigh In On Cytek Biosciences

A number of institutional investors have recently modified their holdings of the company. CIBC Bancorp USA Inc. acquired a new stake in Cytek Biosciences in the 3rd quarter valued at $43,000. Public Employees Retirement System of Ohio lifted its stake in shares of Cytek Biosciences by 17.7% in the third quarter. Public Employees Retirement System of Ohio now owns 81,106 shares of the company’s stock valued at $281,000 after buying an additional 12,200 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Cytek Biosciences during the third quarter valued at about $75,000. Millennium Management LLC increased its position in shares of Cytek Biosciences by 269.6% during the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after acquiring an additional 2,493,610 shares in the last quarter. Finally, Focus Partners Wealth bought a new stake in shares of Cytek Biosciences during the third quarter worth about $245,000. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

Shares of CTKB stock opened at $5.60 on Friday. Cytek Biosciences has a fifty-two week low of $2.37 and a fifty-two week high of $7.30. The stock has a 50 day simple moving average of $4.28 and a two-hundred day simple moving average of $3.76. The company has a market cap of $716.02 million, a P/E ratio of -55.99 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share (EPS) 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, research analysts predict that Cytek Biosciences will post -0.06 earnings per share for the current year.

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.