Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down - Here's What Happened

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $7.26, but opened at $6.87. Cytek Biosciences shares last traded at $6.52, with a volume of 333,029 shares.

Analysts Set New Price Targets

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

Cytek Biosciences Trading Down 0.4 %

The company has a market capitalization of $704.33 million, a price-to-earnings ratio of -68.34 and a beta of 1.44. The stock's fifty day simple moving average is $6.55 and its 200-day simple moving average is $5.89.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $50.63 million. During the same period last year, the firm earned ($0.03) earnings per share. On average, analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CTKB. The Manufacturers Life Insurance Company raised its holdings in shares of Cytek Biosciences by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company's stock valued at $357,000 after purchasing an additional 2,460 shares in the last quarter. Everence Capital Management Inc. lifted its holdings in Cytek Biosciences by 20.9% during the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company's stock worth $93,000 after buying an additional 2,900 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Cytek Biosciences by 6.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company's stock worth $285,000 after buying an additional 3,300 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company's stock valued at $32,000 after acquiring an additional 3,635 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Cytek Biosciences by 5.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company's stock valued at $463,000 after acquiring an additional 4,096 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company's stock.

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.