Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been given a consensus recommendation of “Hold” by the six analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $5.6875.

A number of equities research analysts have commented on CTKB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Morgan Stanley cut their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Tuesday, May 12th. Finally, Stephens decreased their price objective on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th.

Institutional Trading of Cytek Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its position in shares of Cytek Biosciences by 86.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after purchasing an additional 2,388 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of Cytek Biosciences by 99.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock worth $25,000 after purchasing an additional 2,500 shares in the last quarter. Intech Investment Management LLC lifted its position in Cytek Biosciences by 6.7% in the 4th quarter. Intech Investment Management LLC now owns 51,740 shares of the company’s stock worth $261,000 after buying an additional 3,242 shares in the last quarter. Deutsche Bank AG boosted its position in Cytek Biosciences by 4.6% during the fourth quarter. Deutsche Bank AG now owns 93,139 shares of the company’s stock valued at $470,000 after purchasing an additional 4,119 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Cytek Biosciences by 150.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after buying an additional 4,343 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Trading Down 2.3%

Shares of Cytek Biosciences stock opened at $4.18 on Thursday. The company has a 50-day moving average of $4.31 and a two-hundred day moving average of $4.42. Cytek Biosciences has a 12-month low of $3.28 and a 12-month high of $6.18. The stock has a market cap of $539.81 million, a PE ratio of -7.33 and a beta of 1.17.

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, hitting the consensus estimate of ($0.09). The business had revenue of $48.14 million during the quarter, compared to the consensus estimate of $47.31 million. Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%. On average, sell-side analysts forecast that Cytek Biosciences will post -0.21 EPS for the current fiscal year.

Cytek Biosciences Company Profile

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.