Principal Financial Group Inc. Has $2.09 Million Stock Position in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Principal Financial Group Inc. increased its holdings in shares of Cytek Biosciences, Inc. (NASDAQ:CTKBFree Report) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 520,743 shares of the company’s stock after buying an additional 13,818 shares during the quarter. Principal Financial Group Inc.’s holdings in Cytek Biosciences were worth $2,088,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CTKB. Millennium Management LLC raised its stake in Cytek Biosciences by 321.8% during the 4th quarter. Millennium Management LLC now owns 803,923 shares of the company’s stock worth $5,217,000 after buying an additional 613,314 shares during the period. Point72 Asset Management L.P. acquired a new stake in Cytek Biosciences during the 4th quarter worth $2,527,000. JPMorgan Chase & Co. raised its stake in Cytek Biosciences by 58.3% during the 4th quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company’s stock worth $6,150,000 after buying an additional 349,146 shares during the period. Acuitas Investments LLC acquired a new stake in Cytek Biosciences during the 1st quarter worth $1,328,000. Finally, Dimensional Fund Advisors LP raised its stake in Cytek Biosciences by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after buying an additional 262,607 shares during the period. Institutional investors and hedge funds own 69.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CTKB shares. Morgan Stanley lowered their target price on Cytek Biosciences from $9.00 to $7.00 and set an “equal weight” rating for the company in a report on Wednesday, May 28th. TD Cowen cut Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 target price for the company. in a report on Friday, May 9th. Finally, The Goldman Sachs Group lowered their target price on Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Cytek Biosciences presently has an average rating of “Hold” and an average target price of $5.60.

View Our Latest Stock Analysis on Cytek Biosciences

Insider Buying and Selling at Cytek Biosciences

In other news, CFO William D. Mccombe acquired 35,000 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average cost of $2.78 per share, with a total value of $97,300.00. Following the completion of the purchase, the chief financial officer directly owned 55,746 shares of the company’s stock, valued at $154,973.88. The trade was a 168.71% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 10.33% of the company’s stock.

Cytek Biosciences Stock Performance

Shares of NASDAQ:CTKB opened at $3.13 on Friday. Cytek Biosciences, Inc. has a 52-week low of $2.37 and a 52-week high of $7.63. The company has a market capitalization of $396.45 million, a P/E ratio of -34.77 and a beta of 1.33. The company has a 50-day simple moving average of $3.13 and a 200 day simple moving average of $4.18.

Cytek Biosciences (NASDAQ:CTKBGet Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The company had revenue of $41.46 million for the quarter, compared to analyst estimates of $43.18 million. Cytek Biosciences had a negative return on equity of 2.90% and a negative net margin of 5.71%. As a group, equities analysts forecast that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Cytek Biosciences Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Cytek Biosciences (NASDAQ:CTKB)

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