Cytek Biosciences (NASDAQ:CTKB) Sees Large Volume Increase – Time to Buy?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) saw strong trading volume on Monday . 2,425,979 shares changed hands during trading, an increase of 139% from the previous session’s volume of 1,015,665 shares.The stock last traded at $5.5180 and had previously closed at $5.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CTKB shares. Piper Sandler decreased their price target on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cytek Biosciences in a research note on Wednesday, October 8th. Finally, Zacks Research lowered shares of Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $5.50.

Cytek Biosciences Price Performance

The business’s fifty day moving average price is $4.02 and its two-hundred day moving average price is $3.65. The stock has a market capitalization of $681.90 million, a PE ratio of -53.04 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share (EPS) for the quarter. The company had revenue of $40.48 million during the quarter. Cytek Biosciences had a negative return on equity of 3.35% and a negative net margin of 6.51%. As a group, equities research analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV acquired a new stake in Cytek Biosciences during the 3rd quarter worth about $75,000. Millennium Management LLC boosted its stake in shares of Cytek Biosciences by 269.6% in the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after buying an additional 2,493,610 shares during the last quarter. Focus Partners Wealth acquired a new stake in Cytek Biosciences during the third quarter worth about $245,000. Bank of America Corp DE raised its position in Cytek Biosciences by 85.7% during the third quarter. Bank of America Corp DE now owns 170,160 shares of the company’s stock valued at $590,000 after acquiring an additional 78,548 shares in the last quarter. Finally, Aquatic Capital Management LLC raised its position in Cytek Biosciences by 315.6% during the third quarter. Aquatic Capital Management LLC now owns 84,150 shares of the company’s stock valued at $292,000 after acquiring an additional 63,900 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.