New York State Common Retirement Fund Grows Stock Holdings in Cytek Biosciences, Inc. (NASDAQ:CTKB)

New York State Common Retirement Fund raised its position in shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) by 25.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,947,986 shares of the company’s stock after purchasing an additional 599,971 shares during the period. New York State Common Retirement Fund owned approximately 2.17% of Cytek Biosciences worth $26,886,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CTKB. Vanguard Group Inc. increased its holdings in shares of Cytek Biosciences by 4.3% in the third quarter. Vanguard Group Inc. now owns 11,079,421 shares of the company’s stock worth $61,158,000 after buying an additional 461,142 shares during the period. Wellington Management Group LLP increased its holdings in shares of Cytek Biosciences by 7.4% in the third quarter. Wellington Management Group LLP now owns 1,445,538 shares of the company’s stock worth $7,979,000 after buying an additional 99,170 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Cytek Biosciences by 19.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 835,693 shares of the company’s stock worth $4,613,000 after buying an additional 136,201 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Cytek Biosciences by 8.6% in the third quarter. Bank of New York Mellon Corp now owns 825,580 shares of the company’s stock worth $4,557,000 after buying an additional 65,551 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Cytek Biosciences by 17.3% during the 3rd quarter. Principal Financial Group Inc. now owns 558,546 shares of the company’s stock valued at $3,083,000 after purchasing an additional 82,456 shares during the period. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Price Performance

Shares of NASDAQ:CTKB opened at $5.76 on Friday. Cytek Biosciences, Inc. has a 1 year low of $3.80 and a 1 year high of $12.31. The stock’s 50-day moving average is $6.96 and its 200 day moving average is $7.07. The company has a market cap of $753.52 million, a PE ratio of -63.99 and a beta of 1.37.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results on Wednesday, March 13th. The company reported $0.04 earnings per share for the quarter. Cytek Biosciences had a negative return on equity of 1.40% and a negative net margin of 6.29%. The firm had revenue of $58.23 million for the quarter, compared to the consensus estimate of $56.66 million. Analysts expect that Cytek Biosciences, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CTKB. The Goldman Sachs Group boosted their price target on Cytek Biosciences from $9.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Piper Sandler reduced their price target on Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Insiders Place Their Bets

In other Cytek Biosciences news, CTO Ming Yan sold 20,000 shares of the company’s stock in a transaction that occurred 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 hyperlink. In the last quarter, insiders have sold 41,900 shares of company stock worth $266,100. Company insiders own 15.90% of the company’s stock.

Cytek Biosciences Company Profile

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.