Insider Selling: Cytek Biosciences, Inc. (NASDAQ:CTKB) CTO Sells $117,400.00 in Stock

Cytek Biosciences, Inc. (NASDAQ:CTKB) CTO Ming Yan sold 20,000 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $5.87, for a total value of $117,400.00. Following the completion of the sale, the chief technology officer now owns 5,988,502 shares of the company’s stock, valued at $35,152,506.74. The sale was disclosed in a filing with the SEC, which is available at this link.

Ming Yan also recently made the following trade(s):

• On Tuesday, April 9th, Ming Yan sold 1,900 shares of Cytek Biosciences stock. The shares were sold at an average price of $7.00, for a total value of $13,300.00.
• On Monday, March 18th, Ming Yan sold 20,000 shares of Cytek Biosciences stock. The shares were sold at an average price of $6.77, for a total value of $135,400.00.

Cytek Biosciences Price Performance

Shares of Cytek Biosciences stock opened at $5.63 on Friday. Cytek Biosciences, Inc. has a 1-year low of $3.80 and a 1-year high of $12.31. The business has a 50-day moving average of $7.01 and a 200-day moving average of $7.07. The company has a market capitalization of $736.52 million, a PE ratio of -62.55 and a beta of 1.37.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Wednesday, March 13th. The company reported $0.04 EPS for the quarter. Cytek Biosciences had a negative net margin of 6.29% and a negative return on equity of 1.40%. The business had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $56.66 million. On average, equities analysts expect that Cytek Biosciences, Inc. will post -0.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently modified their holdings of CTKB. Vanguard Group Inc. lifted its position in shares of Cytek Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock worth $108,443,000 after purchasing an additional 811,279 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Cytek Biosciences by 42.5% during the third quarter. New York State Common Retirement Fund now owns 2,348,015 shares of the company’s stock worth $12,961,000 after purchasing an additional 700,701 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cytek Biosciences during the third quarter worth about $1,261,000. Charles Schwab Investment Management Inc. lifted its position in shares of Cytek Biosciences by 19.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 835,693 shares of the company’s stock worth $4,613,000 after purchasing an additional 136,201 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Cytek Biosciences by 7.4% in the third quarter. Wellington Management Group LLP now owns 1,445,538 shares of the company’s stock worth $7,979,000 after acquiring an additional 99,170 shares during the last quarter. Institutional investors own 69.46% of the company’s stock.

Wall Street Analyst Weigh In

CTKB has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Piper Sandler lowered their target price on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

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.