Cytek Biosciences (NASDAQ:CTKB) Sees Large Volume Increase – Here’s Why

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) saw unusually-high trading volume on Friday. 3,267,926 shares changed hands during mid-day trading, an increase of 204% from the previous session’s volume of 1,073,356 shares. The stock last traded at $5.4050 and had previously closed at $5.36.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CTKB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, September 21st. Morgan Stanley set a $5.00 target price on shares of Cytek Biosciences in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.56.

Cytek Biosciences Price Performance

The company has a market capitalization of $705.14 million, a price-to-earnings ratio of -8.74 and a beta of 1.16. The stock has a fifty day simple moving average of $4.94 and a 200-day simple moving average of $4.55.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). The firm had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. As a group, equities analysts expect that Cytek Biosciences, Inc. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Cytek Biosciences during the second quarter valued at about $42,433,000. Hhlr Advisors LTD. acquired a new stake in shares of Cytek Biosciences in the second quarter valued at $29,491,000. Dimensional Fund Advisors LP grew its stake in Cytek Biosciences by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock worth $11,638,000 after purchasing an additional 16,438 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Cytek Biosciences during the second quarter worth about $5,827,000. Finally, Susquehanna International Group LLP lifted its stake in Cytek Biosciences by 1,117.1% in the second quarter. Susquehanna International Group LLP now owns 681,705 shares of the company’s stock worth $3,020,000 after acquiring an additional 625,695 shares during the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

About Cytek Biosciences

Cytek Biosciences, Inc develops and manufactures cell analysis technologies for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry platform, which captures a broader range of fluorescent light signals than conventional flow cytometers and is designed to support the analysis of complex cell populations.

Cytek’s product portfolio includes the Aurora and Northern Lights flow cytometers, which are available in configurations intended for a range of laboratory requirements.