Cytek Biosciences (NASDAQ:CTKB) Stock Price Down 5.4% - What's Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) shares dropped 5.4% during mid-day trading on Friday . The stock traded as low as $6.11 and last traded at $6.12. Approximately 207,346 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 685,896 shares. The stock had previously closed at $6.47.

Analyst Upgrades and Downgrades

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

Cytek Biosciences Price Performance

The stock has a market capitalization of $799.92 million, a P/E ratio of -77.63 and a beta of 1.46. The stock has a 50 day moving average price of $5.92 and a 200-day moving average price of $5.75.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The business had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. During the same period last year, the company earned ($0.03) EPS. Research analysts predict that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in shares of Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company's stock valued at $5,281,000 after acquiring an additional 919,845 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Cytek Biosciences in the second quarter worth about $1,305,000. State Street Corp raised its holdings in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company's stock valued at $23,088,000 after acquiring an additional 194,369 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Cytek Biosciences in the third quarter worth $1,012,000. Finally, Squarepoint Ops LLC boosted its holdings in Cytek Biosciences by 1,013.8% in the second quarter. Squarepoint Ops LLC now owns 187,361 shares of the company's stock valued at $1,045,000 after acquiring an additional 170,539 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors.

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.