Louisiana State Employees Retirement System Buys Shares of 49,500 Cytek Biosciences, Inc. (NASDAQ:CTKB)

Louisiana State Employees Retirement System bought a new stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 49,500 shares of the company’s stock, valued at approximately $451,000.

Other hedge funds also recently added to or reduced their stakes in the company. Sherbrooke Park Advisers LLC bought a new stake in Cytek Biosciences in the third quarter valued at $86,000. Oregon Public Employees Retirement Fund lifted its stake in Cytek Biosciences by 18.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 29,450 shares of the company’s stock valued at $163,000 after buying an additional 4,500 shares during the last quarter. Versor Investments LP bought a new stake in Cytek Biosciences in the third quarter valued at $187,000. Maryland State Retirement & Pension System lifted its stake in Cytek Biosciences by 17.6% in the third quarter. Maryland State Retirement & Pension System now owns 36,661 shares of the company’s stock valued at $202,000 after buying an additional 5,476 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Cytek Biosciences during the third quarter valued at $240,000. 69.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CTKB. The Goldman Sachs Group raised their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Piper Sandler lowered their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Insider Buying and Selling

In related news, CTO Ming Yan sold 20,000 shares of Cytek Biosciences stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $6.77, for a total transaction of $135,400.00. Following the transaction, the chief technology officer now directly owns 6,030,402 shares of the company’s stock, valued at $40,825,821.54. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 41,900 shares of company stock valued at $266,100 over the last three months. Company insiders own 15.90% of the company’s stock.

Cytek Biosciences Stock Performance

Shares of CTKB opened at $6.03 on Tuesday. The firm has a market capitalization of $791.50 million, a price-to-earnings ratio of -66.99 and a beta of 1.37. Cytek Biosciences, Inc. has a one year low of $3.80 and a one year high of $12.31. The stock’s fifty day moving average is $6.91 and its 200-day moving average is $7.11.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Wednesday, March 13th. The company reported $0.04 earnings per share (EPS) for the quarter. The firm had revenue of $58.23 million for the quarter, compared to analyst estimates of $56.66 million. Cytek Biosciences had a negative return on equity of 1.40% and a negative net margin of 6.29%. Analysts forecast that Cytek Biosciences, Inc. will post -0.04 EPS for the current fiscal year.

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.