Cytek Biosciences (NASDAQ:CTKB) Price Target Lowered to $7.50 at Piper Sandler
Piper Sandler has lowered its price target for Cytek Biosciences (NASDAQ:CTKB) from $8.00 to $7.50 while maintaining an "overweight" rating. This suggests a potential upside of 57.40% from the current price of $4.77. Other analysts have mixed ratings, with an average consensus of "Hold" and a target price of $5.50. Cytek reported a quarterly revenue of $40.48 million and a negative net margin of 6.51%. Institutional investors hold 69.46% of the company's stock.
Cytek Biosciences (NASDAQ:CTKB - Get Free Report) had its price target cut by stock analysts at Piper Sandler from $8.00 to $7.50 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's target price suggests a potential upside of 57.40% from the stock's current price.
Other analysts have also recently issued research reports about the company. Weiss Ratings restated a "sell (e+)" rating on shares of Cytek Biosciences in a research report on Wednesday, October 8th. Zacks Research lowered shares of Cytek Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $5.50.
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Cytek Biosciences Price Performance
Shares of CTKB traded up $0.02 on Tuesday, reaching $4.77. The company's stock had a trading volume of 438,435 shares, compared to its average volume of 978,443. The stock's 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $3.62. The stock has a market capitalization of $609.28 million, a P/E ratio of -47.65 and a beta of 1.33. Cytek Biosciences has a 12-month low of $2.37 and a 12-month high of $7.30.
Cytek Biosciences (NASDAQ:CTKB - Get Free Report) last released its quarterly earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share for the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. The business had revenue of $40.48 million for the quarter. Analysts expect that Cytek Biosciences will post -0.06 earnings per share for the current year.
Institutional Investors Weigh In On Cytek Biosciences
Several institutional investors and hedge funds have recently modified their holdings of CTKB. Federated Hermes Inc. boosted its position in shares of Cytek Biosciences by 150.9% during the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company's stock worth $25,000 after acquiring an additional 4,343 shares during the last quarter. Brooklyn Investment Group lifted its stake in Cytek Biosciences by 992,200.0% in the 1st quarter. Brooklyn Investment Group now owns 9,923 shares of the company's stock worth $40,000 after purchasing an additional 9,922 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Cytek Biosciences during the second quarter valued at about $42,000. US Bancorp DE grew its position in shares of Cytek Biosciences by 9,698.2% during the first quarter. US Bancorp DE now owns 10,680 shares of the company's stock valued at $43,000 after purchasing an additional 10,571 shares in the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of Cytek Biosciences in the second quarter worth about $43,000. Institutional investors own 69.46% of the company's stock.
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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