Cytek Biosciences (NASDAQ:CTKB) Stock Price Up 5.9% - What's Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report)'s share price shot up 5.9% on Monday . The company traded as high as $7.24 and last traded at $7.22. 484,037 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 580,319 shares. The stock had previously closed at $6.82.

Analyst Upgrades and Downgrades

Separately, Piper Sandler boosted their price objective on 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 Up 5.7 %

The firm's 50-day simple moving average is $6.58 and its two-hundred day simple moving average is $5.88. The company has a market cap of $928.73 million, a PE ratio of -90.11 and a beta of 1.44.

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, beating the consensus estimate of ($0.02) by $0.03. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The company had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. During the same period in the prior year, the company earned ($0.03) earnings per share. As a group, analysts predict that Cytek Biosciences, Inc. will post -0.06 EPS for the current year.

Cytek Biosciences announced that its Board of Directors has initiated a share repurchase program on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its position 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 during the last quarter. Everence Capital Management Inc. raised its holdings in shares of Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company's stock valued at $93,000 after buying an additional 2,900 shares during the last quarter. Louisiana State Employees Retirement System lifted its position 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 acquiring an additional 3,300 shares during the period. GAMMA Investing LLC grew its position in 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 buying an additional 3,635 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Cytek Biosciences by 5.1% during the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company's stock worth $463,000 after acquiring an additional 4,096 shares during the period. Hedge funds and other institutional investors 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.