Cytek Biosciences (NASDAQ:CTKB) Trading 5.9% Higher - What's Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) shot up 5.9% during trading on Monday . The stock traded as high as $6.83 and last traded at $6.77. 97,485 shares traded hands during trading, a decline of 86% from the average session volume of 682,767 shares. The stock had previously closed at $6.39.

Wall Street Analyst Weigh In

Separately, Piper Sandler lifted their price target on 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 stock has a market capitalization of $843.71 million, a PE ratio of -81.86 and a beta of 1.46. The firm has a 50 day moving average of $6.18 and a 200-day moving average of $5.79.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.03. The business had revenue of $51.50 million during the quarter, compared to analysts' expectations 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 period last year, the company posted ($0.03) earnings per share. On average, sell-side analysts predict that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Cytek Biosciences announced that its Board of Directors has initiated a stock buyback program on Monday, December 30th that permits the company to buyback $50.00 million in 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 an indication that the company's management believes its shares are undervalued.

Institutional Trading of Cytek Biosciences

A number of institutional investors have recently bought and sold shares of CTKB. State Street Corp raised its stake in shares of Cytek Biosciences by 4.9% during the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company's stock worth $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Geode Capital Management LLC raised its position in Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company's stock valued at $14,784,000 after acquiring an additional 89,210 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Cytek Biosciences by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company's stock valued at $8,175,000 after acquiring an additional 89,615 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cytek Biosciences by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company's stock valued at $5,712,000 after acquiring an additional 113,127 shares during the last quarter. Finally, Millennium Management LLC grew its position in Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company's stock worth $5,281,000 after acquiring an additional 919,845 shares in the last quarter. Institutional investors and hedge funds 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.