Cytek Biosciences, Inc. (NASDAQ:CTKB) Stock Has Consensus Target Price of $5.88

Cytek Biosciences, Inc. (NASDAQ:CTKB) has received a consensus rating of “Hold” from the four research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $5.67.

CTKB has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Monday, September 21st. Morgan Stanley set a $5.00 price target on shares of Cytek Biosciences in a research note on Friday, August 7th. Stephens lifted their price target on Cytek Biosciences from $6.00 to $7.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Wall Street Zen upgraded Cytek Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th.

Institutional Trading of Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Cytek Biosciences during the 2nd quarter worth $42,433,000. Hhlr Advisors LTD. bought a new position in shares of Cytek Biosciences in the second quarter worth $29,491,000. Dimensional Fund Advisors LP increased its holdings in shares of Cytek Biosciences by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock valued at $11,638,000 after purchasing an additional 16,438 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Cytek Biosciences by 60.7% during the third quarter. Russell Investments Group Ltd. now owns 2,428,747 shares of the company’s stock valued at $14,475,000 after purchasing an additional 917,432 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Cytek Biosciences during the second quarter valued at $5,827,000. Institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Price Performance

Shares of CTKB stock opened at $5.76 on Friday. The firm has a market cap of $753.29 million, a P/E ratio of -9.14 and a beta of 1.15. Cytek Biosciences has a 1-year low of $3.31 and a 1-year high of $6.34. The firm has a fifty day moving average of $5.46 and a two-hundred day moving average of $4.67.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.02. The business had revenue of $53.23 million during the quarter, compared to the consensus estimate of $53.05 million. Cytek Biosciences had a negative return on equity of 13.13% and a negative net margin of 39.10%. On average, sell-side analysts expect that Cytek Biosciences will post -0.36 EPS for the current year.

Cytek Biosciences Company Profile

Cytek Biosciences develops, manufactures and sells cell analysis instruments and related products used by researchers and clinical laboratories. Its systems use flow cytometry to analyze cells and other particles, supporting work in areas such as immunology, oncology and infectious disease research. The company’s product portfolio includes the Aurora and Northern Lights spectral flow cytometry systems and Amnis imaging flow cytometers. Cytek also offers reagents, software, technical support and other services that help customers prepare samples, collect and interpret data, and maintain their instruments.