Cytek Biosciences (NASDAQ:CTKB) Shares Up 26.7% After Strong Earnings

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price traded up 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. 379,300 shares traded hands during mid-day trading, a decline of 43% from the average session 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 firm had revenue of $51.50 million for 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 last year, the company earned ($0.03) EPS.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Cytek Biosciences by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock valued at $80,606,000 after buying an additional 122,105 shares during the period. Dimensional Fund Advisors LP grew its stake in Cytek Biosciences by 6.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after acquiring an additional 89,615 shares during the period. Millennium Management LLC increased its holdings 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 worth $5,281,000 after acquiring an additional 919,845 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 worth $4,488,000 after purchasing an additional 29,579 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Cytek Biosciences by 4.8% during the 3rd 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. Institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

The company has a 50-day moving average of $5.20 and a 200-day moving average of $5.64. The firm has a market capitalization of $973.17 million, a price-to-earnings ratio of -50.50 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.