Raymond James Financial Inc. Takes $765,000 Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Raymond James Financial Inc. purchased a new position in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 117,870 shares of the company's stock, valued at approximately $765,000. Raymond James Financial Inc. owned approximately 0.09% of Cytek Biosciences as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its holdings in Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company's stock valued at $23,088,000 after purchasing an additional 194,369 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Cytek Biosciences in the third quarter valued at about $1,012,000. Barclays PLC lifted its holdings in Cytek Biosciences by 333.6% in the 3rd quarter. Barclays PLC now owns 201,359 shares of the company's stock worth $1,116,000 after purchasing an additional 154,915 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cytek Biosciences by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company's stock worth $5,712,000 after purchasing an additional 113,127 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company's stock worth $14,784,000 after acquiring an additional 89,210 shares during the last quarter. Institutional investors own 69.46% of the company's stock.

Cytek Biosciences Stock Down 5.9 %

CTKB traded down $0.22 during trading on Thursday, reaching $3.52. The company had a trading volume of 950,822 shares, compared to its average volume of 721,262. The business has a 50 day simple moving average of $4.49 and a 200-day simple moving average of $5.47. The stock has a market cap of $450.90 million, a P/E ratio of -43.99 and a beta of 1.41. Cytek Biosciences, Inc. has a 52 week low of $3.27 and a 52 week high of $7.63.

Cytek Biosciences declared that its Board of Directors has approved a stock repurchase plan on Monday, December 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.