Short Interest in Cytek Biosciences, Inc. (NASDAQ:CTKB) Drops By 13.7%

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a large decline in short interest in July. As of July 31st, there was short interest totalling 5,470,000 shares, a decline of 13.7% from the July 15th total of 6,340,000 shares. Based on an average trading volume of 682,800 shares, the short-interest ratio is presently 8.0 days. Currently, 4.6% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th.

Institutional Trading of Cytek Biosciences

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Cytek Biosciences by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 11,890,700 shares of the company’s stock valued at $108,443,000 after buying an additional 811,279 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cytek Biosciences by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 880,038 shares of the company’s stock valued at $8,026,000 after buying an additional 44,345 shares during the last quarter. Swiss National Bank increased its stake in shares of Cytek Biosciences by 17.8% in the fourth quarter. Swiss National Bank now owns 228,500 shares of the company’s stock valued at $2,084,000 after buying an additional 34,600 shares during the period. Texas Permanent School Fund Corp raised its position in shares of Cytek Biosciences by 2.0% during the first quarter. Texas Permanent School Fund Corp now owns 86,601 shares of the company’s stock worth $581,000 after acquiring an additional 1,702 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of Cytek Biosciences during the fourth quarter worth about $36,000. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

Shares of Cytek Biosciences stock traded up $0.04 during trading on Monday, reaching $5.53. 451,157 shares of the company’s stock were exchanged, compared to its average volume of 700,476. Cytek Biosciences has a 1-year low of $3.80 and a 1-year high of $9.87. The company has a market cap of $725.94 million, a P/E ratio of -61.44 and a beta of 1.33. The firm’s 50-day moving average price is $5.86 and its 200 day moving average price is $6.46.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). The business had revenue of $46.62 million for the quarter, compared to analyst estimates of $49.02 million. Cytek Biosciences had a negative return on equity of 1.78% and a negative net margin of 5.73%. During the same period last year, the firm posted ($0.02) EPS. As a group, equities research analysts predict that Cytek Biosciences will post -0.06 EPS for the current year.

Cytek Biosciences Company 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.