GAMMA Investing LLC Purchases 3,635 Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB)

GAMMA Investing LLC grew its holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 280.3% during the fourth quarter, Holdings Channel reports. The firm owned 4,932 shares of the company’s stock after acquiring an additional 3,635 shares during the quarter. GAMMA Investing LLC’s holdings in Cytek Biosciences were worth $32,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Cytek Biosciences by 4.9% during the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after buying an additional 89,210 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Cytek Biosciences by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after purchasing an additional 89,615 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Cytek Biosciences by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after buying an additional 113,127 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Cytek Biosciences by 3,452.2% in the 2nd quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after acquiring an additional 919,845 shares in the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

NASDAQ CTKB opened at $7.26 on Wednesday. The company has a fifty day moving average of $6.61 and a 200-day moving average of $5.89. Cytek Biosciences, Inc. has a 52-week low of $4.66 and a 52-week high of $9.33. The company has a market capitalization of $935.17 million, a P/E ratio of -90.74 and a beta of 1.44.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. The company had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period in the prior year, the business posted ($0.03) EPS. As a group, analysts forecast that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences declared that its board has initiated a stock repurchase program on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Piper Sandler upped their price objective on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, November 11th.

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.