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

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 3,170,000 shares, a decline of 8.6% from the January 15th total of 3,470,000 shares. Approximately 2.7% of the shares of the company are short sold. Based on an average daily trading volume, of 799,100 shares, the short-interest ratio is presently 4.0 days.

Institutional Investors Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cytek Biosciences by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 69,074 shares of the company’s stock valued at $448,000 after acquiring an additional 2,373 shares during the period. Everence Capital Management Inc. increased its holdings in shares of Cytek Biosciences by 20.9% in the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after purchasing an additional 2,900 shares during the period. State of Tennessee Department of Treasury increased its holdings in shares of Cytek Biosciences by 4.4% in the fourth quarter. State of Tennessee Department of Treasury now owns 70,502 shares of the company’s stock worth $458,000 after purchasing an additional 3,003 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of Cytek Biosciences by 6.8% in the third quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock worth $285,000 after purchasing an additional 3,300 shares during the period. Finally, Sterling Capital Management LLC increased its holdings in shares of Cytek Biosciences by 799.8% in the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after purchasing an additional 3,455 shares during the period. Institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

CTKB has been the topic of a number of research reports. The Goldman Sachs Group cut shares of Cytek Biosciences from a “buy” rating to a “sell” rating and lowered their price target for the stock from $7.00 to $4.50 in a report on Friday, January 31st. Piper Sandler lifted their price target on shares of Cytek Biosciences from $8.00 to $8.50 and gave the stock an “overweight” rating in a report on Monday, November 11th.

Cytek Biosciences Price Performance

Shares of CTKB stock opened at $5.31 on Wednesday. The company’s fifty day simple moving average is $6.04 and its two-hundred day simple moving average is $5.78. Cytek Biosciences has a 1 year low of $4.66 and a 1 year high of $9.33. The stock has a market capitalization of $683.98 million, a price-to-earnings ratio of -66.37 and a beta of 1.40.

Cytek Biosciences announced that its Board of Directors has initiated a share repurchase plan on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.