Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Consensus Rating of “Hold” from Brokerages

Cytek Biosciences, Inc. (NASDAQ:CTKB) has received a consensus recommendation of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $5.5625.

Several equities research analysts recently issued reports on the stock. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Wednesday, June 24th.

Cytek Biosciences Price Performance

CTKB opened at $5.21 on Friday. The company has a market capitalization of $677.20 million, a PE ratio of -8.40 and a beta of 1.18. The business has a 50-day moving average of $4.60 and a 200-day moving average of $4.41. Cytek Biosciences has a fifty-two week low of $3.28 and a fifty-two week high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). The firm had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. On average, equities research analysts expect that Cytek Biosciences will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cytek Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its position in shares of Cytek Biosciences by 86.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock valued at $26,000 after purchasing an additional 2,388 shares during the period. Quantbot Technologies LP bought a new stake in shares of Cytek Biosciences during the 2nd quarter worth $29,000. Two Sigma Securities LLC acquired a new position in Cytek Biosciences in the 2nd quarter valued at $50,000. Pallas Capital Advisors LLC bought a new position in Cytek Biosciences in the 2nd quarter worth $50,000. Finally, Legal & General Group Plc acquired a new position in Cytek Biosciences during the 2nd quarter worth $52,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

About Cytek Biosciences

Cytek Biosciences, Inc (NASDAQ: CTKB) develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek’s product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.