Cytek Biosciences, Inc. (NASDAQ:CTKB) Short Interest Update

Cytek Biosciences, Inc. (NASDAQ:CTKBGet Free Report) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 8,510,000 shares, an increase of 9.2% from the February 29th total of 7,790,000 shares. Based on an average trading volume of 731,300 shares, the short-interest ratio is presently 11.6 days. Approximately 7.1% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group upped their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Stephens began coverage on Cytek Biosciences in a research note on Thursday, December 14th. They set an “overweight” rating and a $9.00 price target for the company. Finally, Piper Sandler dropped their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Check Out Our Latest Research Report on Cytek Biosciences

Cytek Biosciences Stock Down 2.7 %

Cytek Biosciences stock traded down $0.18 during midday trading on Tuesday, reaching $6.52. 843,661 shares of the stock traded hands, compared to its average volume of 735,822. The stock’s fifty day moving average is $7.71 and its 200-day moving average is $7.07. Cytek Biosciences has a 12 month low of $3.80 and a 12 month high of $12.31. The stock has a market cap of $852.95 million, a P/E ratio of -65.20 and a beta of 1.37.

Insider Transactions at Cytek Biosciences

In other news, CTO Ming Yan sold 20,000 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $6.77, for a total value of $135,400.00. Following the completion of the transaction, the chief technology officer now owns 6,030,402 shares of the company’s stock, valued at $40,825,821.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Cytek Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in Cytek Biosciences by 222.0% during the third quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock valued at $30,000 after purchasing an additional 1,430 shares during the period. Ameritas Investment Partners Inc. raised its position in Cytek Biosciences by 16.9% during the second quarter. Ameritas Investment Partners Inc. now owns 10,009 shares of the company’s stock valued at $85,000 after purchasing an additional 1,445 shares during the period. Metropolitan Life Insurance Co NY raised its position in Cytek Biosciences by 31.5% during the first quarter. Metropolitan Life Insurance Co NY now owns 6,415 shares of the company’s stock valued at $69,000 after purchasing an additional 1,536 shares during the period. Price T Rowe Associates Inc. MD raised its position in Cytek Biosciences by 7.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,534 shares of the company’s stock valued at $198,000 after purchasing an additional 1,558 shares during the period. Finally, Credit Suisse AG raised its position in Cytek Biosciences by 3.5% during the third quarter. Credit Suisse AG now owns 47,115 shares of the company’s stock valued at $694,000 after purchasing an additional 1,604 shares during the period. 69.46% of the stock is owned by institutional investors.

About Cytek Biosciences

(Get Free Report)

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.

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