GAMMA Investing LLC Acquires 3,635 Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB)

GAMMA Investing LLC lifted its stake in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 280.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,932 shares of the company’s stock after acquiring an additional 3,635 shares during the quarter. GAMMA Investing LLC’s holdings in Cytek Biosciences were worth $32,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Olympiad Research LP acquired a new stake in shares of Cytek Biosciences during the 3rd quarter worth approximately $72,000. Everence Capital Management Inc. boosted its stake in Cytek Biosciences by 20.9% during the third quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after buying an additional 2,900 shares in the last quarter. Dark Forest Capital Management LP boosted its position in shares of Cytek Biosciences by 85.3% during the 2nd quarter. Dark Forest Capital Management LP now owns 21,098 shares of the company’s stock valued at $118,000 after acquiring an additional 9,711 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Cytek Biosciences in the 3rd quarter valued at approximately $128,000. Finally, XTX Topco Ltd bought a new stake in Cytek Biosciences in the third quarter valued at $145,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Stock Up 0.7 %

Cytek Biosciences stock opened at $7.26 on Wednesday. The stock has a market capitalization of $935.17 million, a PE ratio of -90.74 and a beta of 1.44. Cytek Biosciences, Inc. has a twelve month low of $4.66 and a twelve month high of $9.33. The company has a 50 day moving average of $6.61 and a 200-day moving average of $5.89.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.03. The firm had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same period in the prior year, the firm posted ($0.03) earnings per share. Equities analysts anticipate that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Cytek Biosciences announced that its Board of Directors has initiated a share 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised their price target on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a report on Monday, November 11th.

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.