Topline Capital Management LLC Buys New Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Topline Capital Management LLC acquired a new stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 236,596 shares of the company's stock, valued at approximately $1,536,000. Cytek Biosciences comprises about 0.3% of Topline Capital Management LLC's investment portfolio, making the stock its 29th largest position. Topline Capital Management LLC owned 0.18% of Cytek Biosciences as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Barclays PLC boosted its stake in Cytek Biosciences by 333.6% during the third quarter. Barclays PLC now owns 201,359 shares of the company's stock valued at $1,116,000 after buying an additional 154,915 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company's stock valued at $14,784,000 after purchasing an additional 89,210 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Cytek Biosciences by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 506,925 shares of the company's stock valued at $3,290,000 after purchasing an additional 3,753 shares in the last quarter. JPMorgan Chase & Co. increased its position in Cytek Biosciences by 58.3% in the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock worth $6,150,000 after purchasing an additional 349,146 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Cytek Biosciences during the fourth quarter valued at $196,000. Institutional investors own 69.46% of the company's stock.

Analysts Set New Price Targets

CTKB has been the topic of several analyst reports. Piper Sandler cut their target price on Cytek Biosciences from $8.50 to $8.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 4th. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Finally, 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.

Cytek Biosciences Trading Up 2.4 %

Shares of Cytek Biosciences stock traded up $0.09 on Monday, hitting $3.86. 612,649 shares of the company traded hands, compared to its average volume of 717,192. The company has a market cap of $494.45 million, a PE ratio of -48.24 and a beta of 1.41. The stock's 50 day moving average price is $4.14 and its 200-day moving average price is $5.36. Cytek Biosciences, Inc. has a 52 week low of $2.10 and a 52 week high of $7.63.

Cytek Biosciences announced that its board has authorized a stock repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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.