Cytek Biosciences (NASDAQ:CTKB) Trading Up 2.2% - Time to Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) traded up 2.2% during mid-day trading on Friday . The stock traded as high as $4.09 and last traded at $4.15. 241,808 shares traded hands during trading, a decline of 64% from the average session volume of 680,270 shares. The stock had previously closed at $4.06.

Analyst Ratings Changes

Several brokerages have commented on CTKB. Piper Sandler lowered their price objective on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a report on Tuesday, March 4th. Stephens restated an "overweight" rating and issued a $6.00 target price on shares of Cytek Biosciences in a research note on Wednesday, March 19th. Finally, The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a research report on Sunday, February 2nd.

Cytek Biosciences Price Performance

The firm has a market cap of $525.20 million, a P/E ratio of -51.24 and a beta of 1.41. The firm's 50 day moving average is $5.01 and its 200 day moving average is $5.61.

Cytek Biosciences declared that its board has authorized a share buyback plan on Monday, December 30th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CTKB. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Cytek Biosciences during the fourth quarter valued at $142,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cytek Biosciences by 12.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 197,058 shares of the company's stock valued at $1,279,000 after purchasing an additional 22,433 shares in the last quarter. Teza Capital Management LLC bought a new stake in Cytek Biosciences during the 4th quarter valued at about $75,000. State of Wyoming raised its holdings in Cytek Biosciences by 40.2% in the fourth quarter. State of Wyoming now owns 39,772 shares of the company's stock worth $258,000 after buying an additional 11,394 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Cytek Biosciences in the fourth quarter worth approximately $74,000. Hedge funds and other institutional investors own 69.46% of the company's stock.

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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.