Royce & Associates LP Increases Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Royce & Associates LP grew its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 159.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 470,819 shares of the company's stock after purchasing an additional 289,425 shares during the quarter. Royce & Associates LP owned about 0.37% of Cytek Biosciences worth $3,056,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings 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. Principal Financial Group Inc. increased its stake in shares of Cytek Biosciences by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock worth $3,290,000 after acquiring an additional 3,753 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Cytek Biosciences by 5.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company's stock worth $463,000 after acquiring an additional 4,096 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Cytek Biosciences by 19.3% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 28,003 shares of the company's stock worth $155,000 after acquiring an additional 4,533 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company's stock worth $57,000 after acquiring an additional 4,665 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several brokerages recently issued reports on CTKB. Piper Sandler decreased their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. Stephens reiterated an "overweight" rating and issued a $6.00 price target on shares of Cytek Biosciences in a research note on Wednesday. Finally, The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a research note on Sunday, February 2nd.

Cytek Biosciences Trading Up 3.4 %

NASDAQ:CTKB traded up $0.14 on Friday, reaching $4.20. 2,770,866 shares of the stock traded hands, compared to its average volume of 689,469. The company has a market capitalization of $538.01 million, a price-to-earnings ratio of -52.49 and a beta of 1.41. Cytek Biosciences, Inc. has a 12 month low of $4.00 and a 12 month high of $7.63. The company's fifty day simple moving average is $5.13 and its 200 day simple moving average is $5.62.

Cytek Biosciences announced that its board has authorized a share repurchase plan on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

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.