Cytek Biosciences, Inc. (NASDAQ:CTKB) Sees Large Decline in Short Interest

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 4,200,000 shares, a decrease of 6.0% from the October 15th total of 4,470,000 shares. Based on an average daily volume of 673,900 shares, the days-to-cover ratio is presently 6.2 days. Currently, 3.6% of the shares of the stock are short sold.

Cytek Biosciences Stock Down 7.3 %

Shares of Cytek Biosciences stock opened at $5.95 on Monday. The business has a fifty day simple moving average of $5.41 and a 200-day simple moving average of $5.70. Cytek Biosciences has a fifty-two week low of $4.66 and a fifty-two week high of $9.87. The firm has a market cap of $766.42 million, a price-to-earnings ratio of -74.37 and a beta of 1.32.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.03. The company had revenue of $51.50 million during the quarter, compared to the consensus estimate of $50.63 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. During the same period in the prior year, the company earned ($0.03) EPS. Analysts anticipate that Cytek Biosciences will post -0.07 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Piper Sandler raised their target price on shares of Cytek Biosciences from $8.00 to $8.50 and gave the company an “overweight” rating in a research note on Monday, November 11th.

Institutional Trading of Cytek Biosciences

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Cytek Biosciences by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 12,012,805 shares of the company’s stock valued at $80,606,000 after acquiring an additional 122,105 shares during the last quarter. State Street Corp lifted its holdings 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 purchasing an additional 194,369 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Cytek Biosciences by 3.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,668,004 shares of the company’s stock valued at $14,784,000 after purchasing an additional 89,210 shares during the period. Dimensional Fund Advisors LP increased its stake in Cytek Biosciences by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock worth $8,175,000 after purchasing an additional 89,615 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Cytek Biosciences by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,030,962 shares of the company’s stock worth $5,712,000 after buying an additional 113,127 shares during the period. 69.46% of the stock is currently owned by institutional investors.

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.