Cytek Biosciences (NASDAQ:CTKB) Shares Up 26.7% After Earnings Beat

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) rose 26.7% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $7.16 and last traded at $6.89. Approximately 379,300 shares changed hands during trading, a decline of 43% from the average daily volume of 668,878 shares. The stock had previously closed at $5.44.

The company reported $0.01 earnings per share (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 3.75% and a negative net margin of 8.88%. During the same period last year, the business posted ($0.03) earnings per share.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 13th.

Hedge Funds Weigh In On Cytek Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Cytek Biosciences by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company's stock worth $80,606,000 after purchasing an additional 122,105 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Cytek Biosciences in the second quarter valued at $1,305,000. Millennium Management LLC lifted its position 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 valued at $5,281,000 after purchasing an additional 919,845 shares in the last quarter. SlateStone Wealth LLC bought a new stake in Cytek Biosciences in the second quarter worth about $70,000. Finally, Squarepoint Ops LLC grew its stake in Cytek Biosciences by 1,013.8% during 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. Institutional investors and hedge funds own 69.46% of the company's stock.

Cytek Biosciences Stock Up 36.0 %

The firm's 50-day simple moving average is $5.20 and its 200-day simple moving average is $5.64. The firm has a market capitalization of $973.17 million, a P/E ratio of -50.50 and a beta of 1.32.

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.