Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Down 6.6% in December

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 3,690,000 shares, a decline of 6.6% from the November 30th total of 3,950,000 shares. Based on an average trading volume of 661,700 shares, the days-to-cover ratio is presently 5.6 days. Currently, 3.2% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their price target on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Cytek Biosciences Stock Performance

CTKB opened at $6.49 on Thursday. The company has a market cap of $835.98 million, a PE ratio of -81.11 and a beta of 1.46. The stock has a 50-day moving average of $6.24 and a 200-day moving average of $5.80. Cytek Biosciences has a 52-week low of $4.66 and a 52-week high of $9.33.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The firm had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. During the same quarter in the prior year, the business earned ($0.03) earnings per share. On average, research analysts predict that Cytek Biosciences will post -0.06 earnings per share for the current year.

Cytek Biosciences declared that its Board of Directors has approved a stock repurchase program on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in shares of Cytek Biosciences by 4.9% in the third 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 during the period. Geode Capital Management LLC grew its position in Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after purchasing an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cytek Biosciences by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after acquiring an additional 89,615 shares during the period. Charles Schwab Investment Management Inc. increased 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 purchasing an additional 113,127 shares during the period. Finally, Millennium Management LLC raised 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 valued at $5,281,000 after buying an additional 919,845 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.