Cytek Biosciences (NASDAQ:CTKB) Hits New 12-Month Low - Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $4.04 and last traded at $4.06, with a volume of 1380106 shares changing hands. The stock had previously closed at $4.22.

Analyst Upgrades and Downgrades

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

Cytek Biosciences Price Performance

The firm has a market cap of $540.57 million, a price-to-earnings ratio of -52.74 and a beta of 1.41. The firm's fifty day moving average is $5.13 and its 200-day moving average is $5.63.

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

Hedge Funds Weigh In On Cytek Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC increased its stake in shares of Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company's stock valued at $25,000 after acquiring an additional 3,455 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in Cytek Biosciences in the fourth quarter valued at $25,000. GAMMA Investing LLC raised its holdings in shares of Cytek Biosciences by 280.3% during the fourth quarter. GAMMA Investing LLC now owns 4,932 shares of the company's stock valued at $32,000 after purchasing an additional 3,635 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company's stock worth $57,000 after purchasing an additional 4,665 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Cytek Biosciences in the 4th quarter valued at about $71,000. 69.46% of the stock is owned by institutional investors and hedge funds.

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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.