Pacer Advisors Inc. Buys Shares of 30,155 Cytek Biosciences, Inc. (NASDAQ:CTKB)

Pacer Advisors Inc. purchased a new position in Cytek Biosciences, Inc. (NASDAQ:CTKB) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 30,155 shares of the company’s stock, valued at approximately $196,000.

Several other hedge funds and other institutional investors have also modified their holdings of CTKB. GAMMA Investing LLC increased its position in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock worth $32,000 after purchasing an additional 3,635 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Cytek Biosciences by 4.8% in the 3rd quarter. Principal Financial Group Inc. now owns 503,172 shares of the company’s stock valued at $2,788,000 after buying an additional 23,028 shares in the last quarter. Franklin Resources Inc. acquired a new position in Cytek Biosciences in the third quarter worth approximately $405,000. Barclays PLC raised its position in Cytek Biosciences by 333.6% during the third quarter. Barclays PLC now owns 201,359 shares of the company’s stock valued at $1,116,000 after acquiring an additional 154,915 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in Cytek Biosciences by 24.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 183,601 shares of the company’s stock valued at $1,017,000 after acquiring an additional 35,635 shares during the last quarter. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Cytek Biosciences Stock Up 0.6 %

Shares of Cytek Biosciences stock opened at $5.42 on Wednesday. Cytek Biosciences, Inc. has a 12-month low of $4.66 and a 12-month high of $9.33. The stock has a 50 day moving average price of $6.31 and a two-hundred day moving average price of $5.86. The stock has a market capitalization of $698.16 million, a P/E ratio of -67.74 and a beta of 1.40.

Cytek Biosciences (NASDAQ:CTKB) last posted 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. The business had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same period in the prior year, the firm earned ($0.03) EPS. Sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Cytek Biosciences declared that its board has approved a share repurchase program on Monday, December 30th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group downgraded shares of Cytek Biosciences from a “buy” rating to a “sell” rating and cut their price target for the company from $7.00 to $4.50 in a report on Friday, January 31st. Piper Sandler boosted their price target 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 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.