Cytek Biosciences (NASDAQ:CTKB) Hits New 1-Year Low – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares hit a new 52-week low on Friday . The stock traded as low as $4.22 and last traded at $4.61, with a volume of 92166 shares traded. The stock had previously closed at $4.81.

Analyst Ratings Changes

Several analysts recently commented on the company. The Goldman Sachs Group set a $5.25 target price on Cytek Biosciences in a report on Sunday, February 2nd. Piper Sandler boosted 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.

Cytek Biosciences Stock Performance

The stock has a market cap of $578.36 million, a PE ratio of -56.12 and a beta of 1.40. The company has a 50 day moving average of $5.87 and a two-hundred day moving average of $5.76.

Cytek Biosciences declared that its board has initiated a stock buyback plan on Monday, December 30th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Aquatic Capital Management LLC purchased a new position in shares of Cytek Biosciences in the fourth quarter valued at approximately $25,000. Sterling Capital Management LLC raised its stake in 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 purchasing an additional 3,455 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Cytek Biosciences by 280.3% in the 4th quarter. GAMMA Investing LLC now owns 4,932 shares of the company’s stock valued at $32,000 after purchasing an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock worth $57,000 after purchasing an additional 4,665 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cytek Biosciences during the fourth quarter worth $71,000. Institutional investors and hedge funds 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.