Short Interest in Cytek Biosciences, Inc. (NASDAQ:CTKB) Increases By 18.9%

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 4,530,000 shares, a growth of 18.9% from the March 15th total of 3,810,000 shares. Currently, 3.9% of the shares of the company are short sold. Based on an average trading volume of 878,800 shares, the short-interest ratio is presently 5.2 days.

Institutional Investors Weigh In On Cytek Biosciences

A number of large investors have recently bought and sold shares of the company. Sterling Capital Management LLC boosted its position in shares of Cytek Biosciences by 799.8% during the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company's stock worth $25,000 after acquiring an additional 3,455 shares in the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Cytek Biosciences in the 4th quarter valued at $25,000. GAMMA Investing LLC raised its holdings in shares of Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company's stock worth $32,000 after buying an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Cytek Biosciences by 111.5% in the fourth 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 during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Cytek Biosciences in the 1st quarter valued at approximately $63,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Price Performance

NASDAQ:CTKB traded down $0.04 during trading hours on Friday, reaching $3.79. 90,207 shares of the company were exchanged, compared to its average volume of 713,273. The business has a 50 day moving average of $4.17 and a 200 day moving average of $5.36. The company has a market capitalization of $484.85 million, a P/E ratio of -47.31 and a beta of 1.41. Cytek Biosciences has a 1-year low of $3.27 and a 1-year high of $7.63.

Cytek Biosciences announced that its board has authorized a stock buyback program on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on CTKB shares. Piper Sandler decreased their target price on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 4th. Stephens reaffirmed an "overweight" rating and issued a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. Finally, The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a report on Sunday, February 2nd.

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.