Cytek Biosciences (NASDAQ:CTKB) Stock Rating Lowered by The Goldman Sachs Group

Cytek Biosciences (NASDAQ:CTKB) was downgraded by The Goldman Sachs Group from a “buy” rating to a “sell” rating in a report issued on Friday, MarketBeat.com reports. They presently have a $4.50 price target on the stock, down from their previous price target of $7.00. The Goldman Sachs Group’s target price indicates a potential downside of 20.49% from the stock’s current price.

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

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB opened at $5.66 on Friday. The company has a market capitalization of $729.06 million, a PE ratio of -70.74 and a beta of 1.44. The company’s fifty day moving average price is $6.38 and its 200 day moving average price is $5.89. Cytek Biosciences has a 1 year low of $4.66 and a 1 year high of $9.33.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03. The firm had revenue of $51.50 million during the quarter, compared to analyst estimates of $50.63 million. Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. During the same quarter in the previous year, the business earned ($0.03) EPS. On average, equities analysts expect that Cytek Biosciences will post -0.06 EPS for the current year.

Cytek Biosciences declared that its Board of Directors has authorized a share repurchase plan on Monday, December 30th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Cytek Biosciences

A number of large investors have recently modified their holdings of CTKB. State Street Corp boosted its position in Cytek Biosciences by 4.9% during the third quarter. State Street Corp now owns 4,167,501 shares of the company’s stock worth $23,088,000 after acquiring an additional 194,369 shares during the last quarter. 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 worth $14,784,000 after purchasing an additional 89,210 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cytek Biosciences by 6.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,465,122 shares of the company’s stock valued at $8,175,000 after purchasing an additional 89,615 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Cytek Biosciences by 12.3% during the third 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 in the last quarter. Finally, Millennium Management LLC boosted its stake in Cytek Biosciences by 3,452.2% during the second quarter. Millennium Management LLC now owns 946,490 shares of the company’s stock worth $5,281,000 after buying an additional 919,845 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.