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

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 trading hands.

Wall Street Analyst Weigh In

Separately, Piper Sandler increased 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 Stock Performance

The firm has a 50 day moving average price of $6.61 and a 200-day moving average price of $5.89. The company has a market cap of $731.65 million, a P/E ratio of -70.99 and a beta of 1.44.

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

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

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently made changes to their positions in CTKB. Millennium Management LLC lifted its holdings in shares of Cytek Biosciences by 3,452.2% during the second quarter. Millennium Management LLC now owns 946,490 shares of the company's stock worth $5,281,000 after buying an additional 919,845 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cytek Biosciences during the 2nd quarter valued at $1,305,000. State Street Corp boosted its holdings in Cytek Biosciences by 4.9% in the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company's stock valued at $23,088,000 after purchasing an additional 194,369 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Cytek Biosciences in the 3rd quarter valued at $1,012,000. Finally, Squarepoint Ops LLC grew its position in Cytek Biosciences by 1,013.8% in the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company's stock worth $1,045,000 after purchasing an additional 170,539 shares during the last quarter. Institutional investors and hedge funds own 69.46% of the company's stock.

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.