Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Up 5.4% in September

Cytek Biosciences, Inc. (NASDAQ:CTKB - Get Free Report) was the recipient of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 4,300,000 shares, a growth of 5.4% from the September 15th total of 4,080,000 shares. Based on an average trading volume of 632,100 shares, the days-to-cover ratio is presently 6.8 days. Currently, 3.6% of the company's shares are sold short.

Cytek Biosciences Stock Performance

CTKB stock traded down $0.22 on Thursday, reaching $5.14. The company's stock had a trading volume of 285,950 shares, compared to its average volume of 679,862. The firm has a market cap of $674.74 million, a PE ratio of -57.11 and a beta of 1.30. The business has a fifty day simple moving average of $5.31 and a two-hundred day simple moving average of $5.77. Cytek Biosciences has a 12-month low of $3.80 and a 12-month high of $9.87.

Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.05). Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. The company had revenue of $46.62 million during the quarter, compared to analysts' expectations of $49.02 million. During the same period in the prior year, the business posted ($0.02) earnings per share. As a group, research analysts anticipate that Cytek Biosciences will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Cytek Biosciences by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company's stock worth $80,606,000 after acquiring an additional 122,105 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Cytek Biosciences by 6.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company's stock worth $8,175,000 after purchasing an additional 89,615 shares during the period. Millennium Management LLC increased its stake 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. Bank of New York Mellon Corp lifted its holdings in shares of Cytek Biosciences by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 804,261 shares of the company's stock valued at $4,488,000 after purchasing an additional 29,579 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Cytek Biosciences by 5.4% in the 2nd quarter. Rhumbline Advisers now owns 355,436 shares of the company's stock worth $1,983,000 after purchasing an additional 18,124 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company's stock.

Wall Street Analyst Weigh In

Separately, Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating for the company in a report on Tuesday, August 13th.

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.

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