Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $7.26, but opened at $6.87. Cytek Biosciences shares last traded at $6.52, with a volume of 333,029 shares trading hands.

Analysts Set New Price Targets

Separately, Piper Sandler raised their price target on shares of 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 Stock Performance

The stock has a market capitalization of $770.29 million, a PE ratio of -74.74 and a beta of 1.44. The stock’s 50 day moving average is $6.61 and its two-hundred day moving average is $5.89.

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

Cytek Biosciences declared that its board has authorized a share buyback program on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its stake in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares in the last quarter. Olympiad Research LP purchased a new position in Cytek Biosciences in the 3rd quarter worth approximately $72,000. Everence Capital Management Inc. lifted its stake in Cytek Biosciences by 20.9% in the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after purchasing an additional 2,900 shares in the last quarter. Dark Forest Capital Management LP lifted its stake in Cytek Biosciences by 85.3% in the 2nd quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock worth $118,000 after purchasing an additional 9,711 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Cytek Biosciences during the 3rd quarter worth approximately $128,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.