Principal Financial Group Inc. Has $2.79 Million Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Principal Financial Group Inc. increased its stake in Cytek Biosciences, Inc. (NASDAQ:CTKB) by 4.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 503,172 shares of the company’s stock after purchasing an additional 23,028 shares during the quarter. Principal Financial Group Inc. owned approximately 0.39% of Cytek Biosciences worth $2,788,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of CTKB. Bank of New York Mellon Corp raised its holdings in shares of Cytek Biosciences by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 804,261 shares of the company’s stock valued at $4,488,000 after acquiring an additional 29,579 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Cytek Biosciences during the 2nd quarter valued at $140,000. Natixis Advisors LLC purchased a new stake in shares of Cytek Biosciences in the second quarter valued at $201,000. Rhumbline Advisers boosted its position in shares of Cytek Biosciences by 5.4% in the second quarter. Rhumbline Advisers now owns 355,436 shares of the company’s stock worth $1,983,000 after buying an additional 18,124 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Cytek Biosciences by 22.5% during the second quarter. American Century Companies Inc. now owns 154,939 shares of the company’s stock valued at $865,000 after buying an additional 28,449 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler raised their price objective on 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 Stock Performance

Cytek Biosciences stock opened at $6.83 on Friday. The firm’s 50 day moving average price is $6.35 and its two-hundred day moving average price is $5.82. The firm has a market cap of $879.78 million, a PE ratio of -85.36 and a beta of 1.46. Cytek Biosciences, Inc. has a twelve month low of $4.66 and a twelve month high of $9.33.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. During the same period last year, the company earned ($0.03) earnings per share. Equities analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences declared that its board has approved a share repurchase program on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board 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.