Cytek Biosciences (NASDAQ:CTKB) Trading Down 2.6%

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price was down 2.6% during mid-day trading on Wednesday . The company traded as low as $5.14 and last traded at $5.20. Approximately 42,391 shares were traded during trading, a decline of 94% from the average daily volume of 685,986 shares. The stock had previously closed at $5.34.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.

Cytek Biosciences Price Performance

The stock’s fifty day simple moving average is $5.74 and its 200-day simple moving average is $6.02. The company has a market capitalization of $694.43 million, a P/E ratio of -58.78 and a beta of 1.31.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Tuesday, August 6th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The business had revenue of $46.62 million for the quarter, compared to the consensus estimate of $49.02 million. Cytek Biosciences had a negative net margin of 8.88% and a negative return on equity of 3.75%. During the same quarter in the previous year, the company earned ($0.02) EPS. On average, research analysts predict that Cytek Biosciences, Inc. will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. SlateStone Wealth LLC acquired a new stake in Cytek Biosciences during the second quarter worth $70,000. Quadrature Capital Ltd bought a new position in shares of Cytek Biosciences during the 1st quarter worth about $102,000. Dark Forest Capital Management LP boosted its position in shares of Cytek Biosciences by 85.3% during the 2nd quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock valued at $118,000 after acquiring an additional 9,711 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Cytek Biosciences in the second quarter valued at about $140,000. Finally, ProShare Advisors LLC raised its position in Cytek Biosciences by 7.6% in the first quarter. ProShare Advisors LLC now owns 23,941 shares of the company’s stock worth $161,000 after purchasing an additional 1,687 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.