Cytek Biosciences, Inc. (NASDAQ:CTKB) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP decreased its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB - Free Report) by 24.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,517,214 shares of the company's stock after selling 489,925 shares during the period. Wellington Management Group LLP owned 1.18% of Cytek Biosciences worth $9,847,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Cytek Biosciences by 58.3% during the fourth quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company's stock valued at $6,150,000 after acquiring an additional 349,146 shares during the period. Royce & Associates LP grew its position in Cytek Biosciences by 159.6% in the 4th quarter. Royce & Associates LP now owns 470,819 shares of the company's stock worth $3,056,000 after purchasing an additional 289,425 shares during the last quarter. State Street Corp grew its position in Cytek Biosciences by 4.9% in the 3rd quarter. State Street Corp now owns 4,167,501 shares of the company's stock worth $23,088,000 after purchasing an additional 194,369 shares during the last quarter. Barclays PLC increased its stake in shares of Cytek Biosciences by 333.6% in the third quarter. Barclays PLC now owns 201,359 shares of the company's stock valued at $1,116,000 after purchasing an additional 154,915 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Cytek Biosciences during the fourth quarter valued at approximately $765,000. Institutional investors and hedge funds own 69.46% of the company's stock.

Cytek Biosciences Trading Down 0.9 %

NASDAQ:CTKB traded down $0.04 during midday trading on Tuesday, hitting $3.73. 80,366 shares of the stock were exchanged, compared to its average volume of 720,335. The company has a market capitalization of $477.16 million, a price-to-earnings ratio of -46.56 and a beta of 1.41. Cytek Biosciences, Inc. has a one year low of $3.27 and a one year high of $7.63. The business has a 50-day moving average price of $4.42 and a two-hundred day moving average price of $5.45.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CTKB shares. Piper Sandler decreased their price objective 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 reissued an "overweight" rating and issued 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.

About Cytek Biosciences

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.