Cytek Biosciences (NASDAQ:CTKB) Trading Up 26.7% After Earnings Beat

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price rose 26.7% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $7.16 and last traded at $6.89. Approximately 379,300 shares traded hands during trading, a decline of 43% from the average daily volume of 668,878 shares. The stock had previously closed at $5.44.

The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The business had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. During the same period in the prior year, the company posted ($0.03) earnings per share.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th.

Institutional Trading of Cytek Biosciences

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Cytek Biosciences by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock worth $80,606,000 after purchasing an additional 122,105 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cytek Biosciences by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock worth $8,175,000 after buying an additional 89,615 shares in the last quarter. Millennium Management LLC raised its stake in shares of Cytek Biosciences by 3,452.2% in the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock valued at $5,281,000 after acquiring an additional 919,845 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cytek Biosciences by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 804,261 shares of the company’s stock worth $4,488,000 after acquiring an additional 29,579 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Cytek Biosciences by 4.8% during the 3rd quarter. Principal Financial Group Inc. now owns 503,172 shares of the company’s stock worth $2,788,000 after acquiring an additional 23,028 shares during the last quarter. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Trading Down 2.4 %

The stock has a fifty day moving average of $5.23 and a two-hundred day moving average of $5.66. The stock has a market capitalization of $949.47 million, a price-to-earnings ratio of -92.38 and a beta of 1.32.

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.