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

Cytek Biosciences, Inc. (NASDAQ:CTKB) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 9,950,000 shares, a growth of 16.9% from the March 15th total of 8,510,000 shares. Based on an average daily trading volume, of 723,300 shares, the short-interest ratio is presently 13.8 days. Currently, 8.4% of the shares of the company are short sold.

Insiders Place Their Bets

In other Cytek Biosciences news, CTO Ming Yan sold 20,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $6.77, for a total transaction of $135,400.00. Following the transaction, the chief technology officer now owns 6,030,402 shares in the company, valued at approximately $40,825,821.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 15.90% of the company’s stock.

Institutional Trading of Cytek Biosciences

A number of hedge funds have recently made changes to their positions in CTKB. Royal Bank of Canada raised its position in shares of Cytek Biosciences by 222.0% during the third quarter. Royal Bank of Canada now owns 2,074 shares of the company’s stock worth $30,000 after acquiring an additional 1,430 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Cytek Biosciences by 68.5% in the third quarter. Tower Research Capital LLC TRC now owns 5,811 shares of the company’s stock worth $32,000 after purchasing an additional 2,362 shares in the last quarter. Federated Hermes Inc. bought a new stake in Cytek Biosciences in the fourth quarter worth approximately $36,000. State of Wyoming increased its holdings in Cytek Biosciences by 101.0% in the second quarter. State of Wyoming now owns 4,632 shares of the company’s stock worth $40,000 after purchasing an additional 2,328 shares in the last quarter. Finally, UBS Group AG increased its holdings in Cytek Biosciences by 6,269.8% in the third quarter. UBS Group AG now owns 4,013 shares of the company’s stock worth $59,000 after purchasing an additional 3,950 shares in the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Cytek Biosciences Stock Performance

NASDAQ:CTKB traded down $0.03 during trading hours on Tuesday, hitting $5.99. The company’s stock had a trading volume of 1,268,403 shares, compared to its average volume of 735,894. The stock has a fifty day simple moving average of $7.40 and a 200-day simple moving average of $7.07. Cytek Biosciences has a twelve month low of $3.80 and a twelve month high of $12.31.

Wall Street Analysts Forecast Growth

CTKB has been the topic of several analyst reports. Piper Sandler reduced their target price on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. The Goldman Sachs Group raised their price objective on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $9.00.

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.