Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Update

Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a large decline in short interest in December. As of December 15th, there was short interest totalling 3,690,000 shares, a decline of 6.6% from the November 30th total of 3,950,000 shares. Based on an average daily volume of 661,700 shares, the short-interest ratio is presently 5.6 days. Currently, 3.2% of the shares of the stock are sold short.

Hedge Funds Weigh In On Cytek Biosciences

A number of institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in shares of Cytek Biosciences by 4.8% in the third quarter. Principal Financial Group Inc. now owns 503,172 shares of the company’s stock valued at $2,788,000 after purchasing an additional 23,028 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of Cytek Biosciences in the 3rd quarter valued at $405,000. Barclays PLC increased its stake in shares of Cytek Biosciences by 333.6% in the 3rd 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 period. Teachers Retirement System of The State of Kentucky raised its position in shares of Cytek Biosciences by 24.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 183,601 shares of the company’s stock worth $1,017,000 after acquiring an additional 35,635 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Cytek Biosciences by 3.5% during the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after acquiring an additional 89,210 shares during the period. 69.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their target price on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a research report on Monday, November 11th.

Cytek Biosciences Price Performance

Shares of CTKB opened at $6.55 on Tuesday. The company has a market capitalization of $843.71 million, a P/E ratio of -81.86 and a beta of 1.46. Cytek Biosciences has a one year low of $4.66 and a one year high of $9.33. The business’s 50 day simple moving average is $6.18 and its 200-day simple moving average is $5.79.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The company had revenue of $51.50 million for the quarter, compared to analyst estimates of $50.63 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. On average, sell-side analysts anticipate that Cytek Biosciences will post -0.06 EPS for the current fiscal year.

Cytek Biosciences declared that its Board of Directors has authorized a share buyback program on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.