Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Significant Decrease in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 4,200,000 shares, a decrease of 6.0% from the October 15th total of 4,470,000 shares. Currently, 3.6% of the shares of the stock are sold short. Based on an average daily volume of 673,900 shares, the short-interest ratio is presently 6.2 days.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler boosted their price objective on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an "overweight" rating in a research report on Monday, November 11th.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the company. SlateStone Wealth LLC bought a new stake in shares of Cytek Biosciences during the second quarter worth $70,000. Olympiad Research LP acquired a new position in Cytek Biosciences in the third quarter valued at approximately $72,000. Everence Capital Management Inc. grew its position in shares of Cytek Biosciences by 20.9% during the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company's stock worth $93,000 after buying an additional 2,900 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Cytek Biosciences during the 1st quarter valued at $102,000. Finally, Dark Forest Capital Management LP grew its holdings in Cytek Biosciences by 85.3% in the second 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 during the period. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB traded up $0.08 during midday trading on Monday, reaching $6.03. 577,096 shares of the stock were exchanged, compared to its average volume of 697,604. The business has a 50-day simple moving average of $5.41 and a two-hundred day simple moving average of $5.70. Cytek Biosciences has a 12 month low of $4.66 and a 12 month high of $9.87. The company has a market capitalization of $776.72 million, a price-to-earnings ratio of -73.99 and a beta of 1.32.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.03. The business 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 previous year, the company posted ($0.03) earnings per share. Equities research analysts expect that Cytek Biosciences will post -0.07 earnings per share for the current fiscal year.

About Cytek Biosciences

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.