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

Financial News Live · Jan 2, 2023 19:51

Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Rating) was the recipient of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 3,470,000 shares, an increase of 20.9% from the November 30th total of 2,870,000 shares. Based on an average daily volume of 587,600 shares, the short-interest ratio is currently 5.9 days. Currently, 4.1% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler boosted their price target on shares of Cytek Biosciences from $16.00 to $18.00 in a research report on Monday, November 14th.

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Insider Buying and Selling

In related news, CFO Patrik Jeanmonod sold 3,500 shares of Cytek Biosciences stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $9.77, for a total value of $34,195.00. Following the sale, the chief financial officer now directly owns 79,632 shares in the company, valued at approximately $778,004.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Jack Ball sold 16,000 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $14.69, for a total value of $235,040.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company's stock, valued at approximately $44,070. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Patrik Jeanmonod sold 3,500 shares of the firm's stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $9.77, for a total value of $34,195.00. Following the completion of the transaction, the chief financial officer now owns 79,632 shares in the company, valued at approximately $778,004.64. The disclosure for this sale can be found here. Insiders sold a total of 146,500 shares of company stock worth $1,989,745 in the last 90 days. Insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Cytek Biosciences

Institutional investors have recently bought and sold shares of the company. Parkwood LLC increased its holdings in shares of Cytek Biosciences by 44.3% during the 2nd quarter. Parkwood LLC now owns 42,292 shares of the company's stock worth $42,000 after buying an additional 12,981 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Cytek Biosciences in the second quarter worth approximately $175,000. Pura Vida Investments LLC increased its stake in Cytek Biosciences by 12.4% during the second quarter. Pura Vida Investments LLC now owns 477,164 shares of the company's stock worth $5,120,000 after acquiring an additional 52,587 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Cytek Biosciences in the second quarter valued at $70,000. Finally, Trexquant Investment LP raised its position in Cytek Biosciences by 34.3% in the second quarter. Trexquant Investment LP now owns 74,678 shares of the company's stock valued at $801,000 after purchasing an additional 19,082 shares during the period. 49.48% of the stock is owned by hedge funds and other institutional investors.

Cytek Biosciences Price Performance

Cytek Biosciences stock traded down $0.09 during trading on Monday, reaching $10.21. 8,344 shares of the company were exchanged, compared to its average volume of 786,226. The stock's 50 day simple moving average is $12.89 and its two-hundred day simple moving average is $12.96. The company has a market capitalization of $1.38 billion, a P/E ratio of -1,021.00 and a beta of 0.06. Cytek Biosciences has a 52-week low of $7.38 and a 52-week high of $17.41.

Cytek Biosciences (NASDAQ:CTKB – Get Rating) last issued its earnings results on Wednesday, November 9th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). The company had revenue of $40.48 million during the quarter, compared to analyst estimates of $43.36 million. Cytek Biosciences had a positive return on equity of 0.94% and a negative net margin of 0.47%. As a group, equities analysts forecast that Cytek Biosciences will post 0.01 earnings per share for the current year.

About Cytek Biosciences

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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.