Cytek Biosciences (NASDAQ:CTKB) Trading Up 4.8% - Should You Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) shares shot up 4.8% during mid-day trading on Wednesday . The company traded as high as $6.75 and last traded at $6.74. 157,763 shares traded hands during trading, a decline of 77% from the average session volume of 684,031 shares. The stock had previously closed at $6.43.

Wall Street Analyst Weigh In

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

Cytek Biosciences Price Performance

The stock has a market capitalization of $803.78 million, a price-to-earnings ratio of -77.99 and a beta of 1.46. The stock's 50 day simple moving average is $6.01 and its 200-day simple moving average is $5.77.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released 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. The business had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same quarter in the previous year, the business earned ($0.03) EPS. As a group, equities research analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Millennium Management LLC grew its holdings in 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 during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Cytek Biosciences during the 2nd quarter worth $1,305,000. State Street Corp grew its stake 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 buying an additional 194,369 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Cytek Biosciences in the 3rd quarter worth $1,012,000. Finally, Squarepoint Ops LLC lifted its position in Cytek Biosciences by 1,013.8% during the 2nd quarter. Squarepoint Ops LLC now owns 187,361 shares of the company's stock worth $1,045,000 after acquiring an additional 170,539 shares during the last quarter. 69.46% of the stock is 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.