Cytek Biosciences (NASDAQ:CTKB) Reaches New 12-Month Low - Should You Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) reached a new 52-week low during trading on Wednesday . The company traded as low as $4.19 and last traded at $4.20, with a volume of 159932 shares. The stock had previously closed at $4.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CTKB shares. The Goldman Sachs Group set a $5.25 price target on shares of Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a report on Tuesday, March 4th.

Cytek Biosciences Stock Performance

The company's fifty day simple moving average is $5.39 and its 200-day simple moving average is $5.67. The company has a market capitalization of $538.01 million, a P/E ratio of -52.49 and a beta of 1.41.

Cytek Biosciences declared that its Board of Directors has initiated a stock buyback program on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

Several hedge funds have recently modified their holdings of CTKB. Principal Financial Group Inc. lifted its position in shares of Cytek Biosciences by 4.8% during the third quarter. Principal Financial Group Inc. now owns 503,172 shares of the company's stock valued at $2,788,000 after buying an additional 23,028 shares during the last quarter. GSA Capital Partners LLP lifted its position in shares of Cytek Biosciences by 158.6% during the third quarter. GSA Capital Partners LLP now owns 37,884 shares of the company's stock valued at $210,000 after buying an additional 23,237 shares during the last quarter. Royce & Associates LP lifted its position in shares of Cytek Biosciences by 51.8% during the third quarter. Royce & Associates LP now owns 181,394 shares of the company's stock valued at $1,005,000 after buying an additional 61,916 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Cytek Biosciences by 5.1% during the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company's stock valued at $463,000 after buying an additional 4,096 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Cytek Biosciences during the third quarter valued at about $128,000. 69.46% of the stock is owned by hedge funds and other institutional investors.

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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.