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

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been given a consensus rating of “Hold” by the five research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $5.88.

A number of research firms recently issued reports on CTKB. Wall Street Zen upgraded shares of Cytek Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday. Morgan Stanley set a $5.00 target price on shares of Cytek Biosciences in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, September 21st. Finally, Stephens restated an “overweight” rating and issued a $6.00 target price on shares of Cytek Biosciences in a report on Friday, October 23rd.

Cytek Biosciences Trading Up 8.0%

CTKB stock opened at $5.83 on Friday. The stock has a market cap of $757.78 million, a PE ratio of -9.25 and a beta of 1.15. The company has a 50-day moving average price of $5.39 and a 200 day moving average price of $4.67. Cytek Biosciences has a 12 month low of $3.31 and a 12 month high of $6.34.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Wednesday, November 4th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%. The company had revenue of $53.23 million during the quarter, compared to analyst estimates of $53.05 million. Sell-side analysts forecast that Cytek Biosciences will post -0.36 EPS for the current year.

Hedge Funds Weigh In On Cytek Biosciences

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Cytek Biosciences during the 2nd quarter worth approximately $42,433,000. Hhlr Advisors LTD. bought a new stake in shares of Cytek Biosciences during the 2nd quarter valued at $29,491,000. Bank of America Corp DE bought a new stake in shares of Cytek Biosciences during the 2nd quarter worth $5,827,000. Russell Investments Group Ltd. increased its stake in shares of Cytek Biosciences by 60.7% in the third quarter. Russell Investments Group Ltd. now owns 2,428,747 shares of the company’s stock worth $14,475,000 after buying an additional 917,432 shares during the period. Finally, Susquehanna International Group LLP raised its holdings in Cytek Biosciences by 1,117.1% in the second quarter. Susquehanna International Group LLP now owns 681,705 shares of the company’s stock worth $3,020,000 after purchasing an additional 625,695 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

About Cytek Biosciences

Cytek Biosciences, Inc develops and commercializes cell analysis solutions for biomedical research, clinical research and biopharmaceutical applications. The company focuses on spectral flow cytometry, a technology that enables researchers to analyze multiple characteristics of individual cells and identify complex cell populations.

Its product portfolio includes the Aurora and Northern Lights spectral flow cytometers, compact and specialized instruments, cell sorters, software and a range of fluorescent reagents.