Cytek Biosciences (NASDAQ:CTKB) Reaches New 1-Year Low – Should You Sell?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) reached a new 52-week low on Thursday . The stock traded as low as $3.88 and last traded at $3.99, with a volume of 838376 shares. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CTKB. The Goldman Sachs Group set a $5.25 price target on Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler dropped their target price on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. Finally, Stephens reiterated an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a report on Wednesday, March 19th.

Cytek Biosciences Price Performance

The company has a market capitalization of $475.24 million, a price-to-earnings ratio of -46.37 and a beta of 1.41. The firm has a 50-day moving average price of $4.73 and a two-hundred day moving average price of $5.53.

Cytek Biosciences declared that its board has authorized a share repurchase program on Monday, December 30th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Cytek Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Aquatic Capital Management LLC bought a new position in Cytek Biosciences in the fourth quarter valued at $25,000. Sterling Capital Management LLC grew its holdings in shares of Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock valued at $25,000 after acquiring an additional 3,455 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cytek Biosciences by 280.3% in the fourth 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 last quarter. PNC Financial Services Group Inc. raised its holdings in Cytek Biosciences by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after acquiring an additional 4,665 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Cytek Biosciences during the fourth quarter valued at approximately $71,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.