Cytek Biosciences (NASDAQ:CTKB – Get Free Report) was downgraded by equities researchers at The Goldman Sachs Group from a “buy” rating to a “sell” rating in a note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $4.50 target price on the stock, down from their prior target price of $7.00. The Goldman Sachs Group’s price target suggests a potential downside of 20.49% from the stock’s previous close.
Separately, Piper Sandler upped 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.
View Our Latest Analysis on CTKB
Cytek Biosciences Stock Down 0.5 %
Cytek Biosciences (NASDAQ:CTKB – Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.03. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. The business had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. During the same period in the previous year, the company posted ($0.03) earnings per share. Equities analysts expect that Cytek Biosciences will post -0.06 earnings per share for the current year.
Cytek Biosciences declared that its Board of Directors has approved a stock buyback plan on Monday, December 30th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Institutional Trading of Cytek Biosciences
Several large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Cytek Biosciences by 4.0% during the second quarter. The Manufacturers Life Insurance Company now owns 64,003 shares of the company’s stock valued at $357,000 after buying an additional 2,460 shares during the last quarter. Everence Capital Management Inc. increased its holdings in Cytek Biosciences by 20.9% in the 3rd quarter. Everence Capital Management Inc. now owns 16,760 shares of the company’s stock worth $93,000 after buying an additional 2,900 shares during the period. Louisiana State Employees Retirement System raised its position in Cytek Biosciences by 6.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 51,500 shares of the company’s stock worth $285,000 after buying an additional 3,300 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cytek Biosciences by 280.3% during the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after acquiring an additional 3,635 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Cytek Biosciences by 5.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 83,648 shares of the company’s stock valued at $463,000 after acquiring an additional 4,096 shares during the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.
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.
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