Cytek Biosciences (NASDAQ:CTKB) Trading Up 8.9% – Should You Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price traded up 8.9% during trading on Friday . The stock traded as high as $3.95 and last traded at $3.98. 444,993 shares were traded during trading, a decline of 55% from the average session volume of 997,600 shares. The stock had previously closed at $3.65.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cytek Biosciences in a research note on Saturday, September 27th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cytek Biosciences currently has a consensus rating of “Hold” and a consensus target price of $5.60.

Cytek Biosciences Stock Performance

The firm has a market cap of $505.06 million, a price-to-earnings ratio of -79.40 and a beta of 1.31. The business’s 50-day moving average is $3.89 and its 200-day moving average is $3.58.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. increased its position in shares of Cytek Biosciences by 150.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after purchasing an additional 4,343 shares in the last quarter. Brooklyn Investment Group grew its holdings in Cytek Biosciences by 992,200.0% during the 1st quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock worth $40,000 after acquiring an additional 9,922 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Cytek Biosciences during the 2nd quarter worth about $42,000. US Bancorp DE grew its holdings in Cytek Biosciences by 9,698.2% during the 1st quarter. US Bancorp DE now owns 10,680 shares of the company’s stock worth $43,000 after acquiring an additional 10,571 shares during the last quarter. Finally, Captrust Financial Advisors bought a new stake in Cytek Biosciences during the 2nd quarter worth about $43,000. 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.