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

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) was the recipient of a large 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. Approximately 3.2% of the company's stock are sold short. Based on an average daily trading volume, of 661,700 shares, the short-interest ratio is presently 5.6 days.

Cytek Biosciences Stock Down 0.9 %

Shares of NASDAQ CTKB traded down $0.06 during trading hours on Tuesday, hitting $6.49. The company had a trading volume of 273,543 shares, compared to its average volume of 682,773. The stock has a market capitalization of $835.98 million, a P/E ratio of -81.11 and a beta of 1.46. Cytek Biosciences has a 1-year low of $4.66 and a 1-year high of $9.33. The firm's 50 day moving average is $6.21 and its 200-day moving average is $5.80.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.03. The company had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same quarter last year, the firm posted ($0.03) EPS. On average, sell-side analysts predict that Cytek Biosciences will post -0.06 earnings per share for the current year.

Cytek Biosciences announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 30th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 5.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in shares of Cytek Biosciences by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 804,261 shares of the company's stock valued at $4,488,000 after purchasing an additional 29,579 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Cytek Biosciences in the 2nd quarter valued at $140,000. Natixis Advisors LLC bought a new position in Cytek Biosciences during the 2nd quarter worth $201,000. Rhumbline Advisers lifted its holdings in shares of Cytek Biosciences by 5.4% during the second quarter. Rhumbline Advisers now owns 355,436 shares of the company's stock worth $1,983,000 after buying an additional 18,124 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cytek Biosciences by 22.5% in the second quarter. American Century Companies Inc. now owns 154,939 shares of the company's stock valued at $865,000 after acquiring an additional 28,449 shares during the period. 69.46% of the stock is owned by institutional investors.

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.