Renaissance Technologies LLC Buys 251,000 Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB)

Renaissance Technologies LLC raised its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 118.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 462,600 shares of the company's stock after acquiring an additional 251,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.36% of Cytek Biosciences worth $3,002,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of Cytek Biosciences by 280.3% during 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 in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Cytek Biosciences by 0.7% during the 4th quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock valued at $3,290,000 after buying an additional 3,753 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company's stock valued at $57,000 after buying an additional 4,665 shares in the last quarter. Olympiad Research LP lifted its stake in shares of Cytek Biosciences by 51.0% during the 4th quarter. Olympiad Research LP now owns 19,601 shares of the company's stock valued at $127,000 after buying an additional 6,617 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Cytek Biosciences in the fourth quarter worth $71,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Cytek Biosciences Trading Down 2.7 %

Shares of CTKB stock traded down $0.11 during midday trading on Tuesday, reaching $3.76. 22,550 shares of the stock were exchanged, compared to its average volume of 824,707. The firm has a market cap of $481.00 million, a PE ratio of -46.93 and a beta of 1.41. The company's 50 day moving average is $4.11 and its two-hundred day moving average is $5.35. Cytek Biosciences, Inc. has a 1 year low of $3.27 and a 1 year high of $7.63.

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 outstanding shares. This buyback authorization authorizes the company to purchase 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.

Wall Street Analysts Forecast Growth

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

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.