Cytek Biosciences (NASDAQ:CTKB) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) saw an uptick in trading volume on Tuesday . 1,615,348 shares changed hands during trading, an increase of 109% from the previous session’s volume of 771,646 shares.The stock last traded at $5.07 and had previously closed at $5.15.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CTKB. Piper Sandler lifted their price objective on Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a report on Monday, November 11th. The Goldman Sachs Group downgraded shares of Cytek Biosciences from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $7.00 to $4.50 in a research report on Friday, January 31st.

Cytek Biosciences Trading Down 1.3 %

The stock’s fifty day moving average is $6.22 and its two-hundred day moving average is $5.83. The company has a market capitalization of $655.00 million, a PE ratio of -63.60 and a beta of 1.40.

Cytek Biosciences announced that its Board of Directors has approved a share buyback plan on Monday, December 30th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently modified their holdings of CTKB. State Street Corp increased its position in shares of Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock valued at $23,088,000 after buying an additional 194,369 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Cytek Biosciences by 3.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after acquiring an additional 89,210 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Cytek Biosciences by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,062,990 shares of the company’s stock worth $6,899,000 after purchasing an additional 32,028 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Cytek Biosciences by 1.6% in the fourth quarter. Bank of New York Mellon Corp now owns 730,709 shares of the company’s stock worth $4,742,000 after purchasing an additional 11,665 shares during the last quarter. Finally, FMR LLC boosted its holdings in shares of Cytek Biosciences by 4.8% in the third quarter. FMR LLC now owns 667,076 shares of the company’s stock worth $3,696,000 after buying an additional 30,386 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.