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

by · The Cerbat Gem

Cytek Biosciences, Inc. (NASDAQ:CTKB – Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 4,530,000 shares, an increase of 18.9% from the March 15th total of 3,810,000 shares. Based on an average trading volume of 878,800 shares, the days-to-cover ratio is presently 5.2 days. Approximately 3.9% of the shares of the stock are short sold.

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB traded up $0.05 during midday trading on Monday, reaching $3.70. 1,000,922 shares of the company traded hands, compared to its average volume of 713,779. The firm has a market cap of $473.96 million, a PE ratio of -46.24 and a beta of 1.41. Cytek Biosciences has a 12 month low of $3.27 and a 12 month high of $7.63. The stock’s 50-day simple moving average is $4.28 and its 200-day simple moving average is $5.40.

Cytek Biosciences announced that its board has approved 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 repurchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC lifted its position in Cytek Biosciences by 799.8% during 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 period. Aquatic Capital Management LLC acquired a new stake in shares of Cytek Biosciences in the 4th quarter valued at approximately $25,000. GAMMA Investing LLC increased its position in shares of 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 buying an additional 3,635 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after purchasing an additional 4,665 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Cytek Biosciences during the first quarter worth $63,000. Institutional investors own 69.46% of the company’s stock.

Analysts Set New Price Targets

CTKB has been the topic of several research analyst reports. The Goldman Sachs Group set a $5.25 price objective on shares of Cytek Biosciences in a research report on Sunday, February 2nd. Stephens restated an “overweight” rating and set a $6.00 price objective on shares of Cytek Biosciences in a research report on Wednesday, March 19th. Finally, Piper Sandler reduced their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th.

Get Our Latest Research Report on CTKB

Cytek Biosciences Company Profile

(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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