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Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Significant Decrease in Short Interest

Financial News Live · Sep 1, 2022 16:12

Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Rating) saw a significant drop in short interest in August. As of August 15th, there was short interest totalling 2,760,000 shares, a drop of 12.1% from the July 31st total of 3,140,000 shares. Based on an average trading volume of 684,400 shares, the short-interest ratio is presently 4.0 days. Currently, 3.7% of the company's stock are short sold.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CTKB shares. The Goldman Sachs Group boosted their price target on shares of Cytek Biosciences from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, August 11th. Morgan Stanley boosted their price objective on Cytek Biosciences from $11.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Friday, August 12th. Finally, Piper Sandler lifted their price target on shares of Cytek Biosciences from $12.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, August 17th.

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Cytek Biosciences Price Performance

Shares of NASDAQ CTKB traded up $0.01 during midday trading on Thursday, hitting $11.66. The company's stock had a trading volume of 32,592 shares, compared to its average volume of 856,983. The firm has a market capitalization of $1.57 billion and a price-to-earnings ratio of -582.50. The business's fifty day simple moving average is $12.56 and its two-hundred day simple moving average is $11.47. Cytek Biosciences has a 1 year low of $7.38 and a 1 year high of $28.70.

Cytek Biosciences (NASDAQ:CTKB – Get Rating) last issued its quarterly earnings results on Wednesday, August 10th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Cytek Biosciences had a negative net margin of 1.28% and a positive return on equity of 0.62%. Analysts anticipate that Cytek Biosciences will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at Cytek Biosciences

In other news, CEO Wenbin Jiang sold 20,000 shares of the stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $10.75, for a total transaction of $215,000.00. Following the completion of the sale, the chief executive officer now owns 7,881,541 shares in the company, valued at approximately $84,726,565.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cytek Biosciences news, CFO Patrik Jeanmonod sold 3,500 shares of the firm's stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $13.45, for a total value of $47,075.00. Following the completion of the transaction, the chief financial officer now owns 92,563 shares of the company's stock, valued at $1,244,972.35. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Wenbin Jiang sold 20,000 shares of the business's stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $10.75, for a total transaction of $215,000.00. Following the sale, the chief executive officer now directly owns 7,881,541 shares in the company, valued at $84,726,565.75. The disclosure for this sale can be found here. Insiders sold a total of 127,000 shares of company stock worth $1,542,675 over the last three months. Corporate insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parkwood LLC raised its holdings in Cytek Biosciences by 44.3% in the second quarter. Parkwood LLC now owns 42,292 shares of the company's stock valued at $42,000 after acquiring an additional 12,981 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Cytek Biosciences by 64.1% in the 1st quarter. Royal Bank of Canada now owns 5,995 shares of the company's stock valued at $65,000 after purchasing an additional 2,341 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of Cytek Biosciences by 31.5% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company's stock worth $69,000 after purchasing an additional 1,536 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Cytek Biosciences during the second quarter worth $70,000. Finally, Ameritas Investment Partners Inc. increased its holdings in Cytek Biosciences by 514.7% in the first quarter. Ameritas Investment Partners Inc. now owns 7,567 shares of the company's stock valued at $82,000 after buying an additional 6,336 shares during the last quarter. Hedge funds and other institutional investors own 43.54% of the company's stock.

Cytek Biosciences Company Profile

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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, which leverages full spectrum profiling technology to further broaden potential applications across cell analysis.