Proficio Capital Partners LLC Buys New Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Proficio Capital Partners LLC purchased a new position in Cytek Biosciences, Inc. (NASDAQ:CTKB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,994 shares of the company’s stock, valued at approximately $71,000.

A number of other large investors have also modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Cytek Biosciences by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock valued at $5,712,000 after buying an additional 113,127 shares during the last quarter. Barclays PLC increased its holdings 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. Geode Capital Management LLC raised its stake in shares of Cytek Biosciences by 3.5% in the third quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock worth $14,784,000 after purchasing an additional 89,210 shares during the last quarter. State Street Corp lifted its holdings in shares of Cytek Biosciences by 4.9% during the third 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 period. Finally, Thrivent Financial for Lutherans boosted its position in Cytek Biosciences by 5.1% in the third quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock valued at $463,000 after buying an additional 4,096 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB opened at $4.00 on Friday. The company has a market capitalization of $512.39 million, a PE ratio of -49.99 and a beta of 1.41. The company’s fifty day moving average price is $4.92 and its 200 day moving average price is $5.58. Cytek Biosciences, Inc. has a 1 year low of $3.97 and a 1 year high of $7.63.

Cytek Biosciences announced that its board has initiated a stock repurchase program on Monday, December 30th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CTKB. The Goldman Sachs Group set a $5.25 target price on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Stephens reissued an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. Finally, Piper Sandler dropped their target price on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th.

Cytek Biosciences Company Profile

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.