Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cytek Biosciences Inc. shares valued at $161,400 were sold by Yan Ming on Aug 21. At $8.07 per share, Yan Ming sold 20,000 shares. The insider’s holdings dropped to 7,815,962 shares worth approximately $59.24 million following the completion of this transaction.
Also, Jiang Wenbin sold 20,000 shares, netting a total of over 180,800 in proceeds. Following the sale of shares at $9.04 each, the insider now holds 7,613,467 shares.
Before that, Yan Ming had sold 20,000 shares from its account. In a trade valued at $175,200, the Chief Technology Officer traded Cytek Biosciences Inc. shares for $8.76 each. Upon closing the transaction, the insider’s holdings decreased to 20,000 shares, worth approximately $59.35 million.
As published in their initiating research note from Raymond James on July 19, 2023, Cytek Biosciences Inc. [CTKB] has been a Mkt perform.
Analyzing CTKB Stock Performance
On Thursday, Cytek Biosciences Inc. [NASDAQ: CTKB] plunged -4.41% to $7.58. The stock’s lowest price that day was $7.57, but it reached a high of $8.01 in the same session. During the last five days, there has been a drop of approximately -10.82%. Over the course of the year, Cytek Biosciences Inc. shares have dropped approximately -25.76%. Shares of the company reached a 52-week high of $13.77 on 02/10/23 and a 52-week low of $6.45 on 05/18/23. A 50-day SMA is recorded $8.65, while a 200-day SMA reached $10.15. Nevertheless, trading volume fell to 0.65 million shares from 0.7 million shares the previous day.
Support And Resistance Levels for Cytek Biosciences Inc. (CTKB)
According to the 24-hour chart, there is a support level at 7.43, which, if violated, would cause prices to drop to 7.28. In the upper region, resistance lies at 7.87. The next price resistance is at 8.16. RSI (Relative Strength Index) is 29.12 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.73, which suggests the price will decrease in the coming days. Percent R is at 99.45%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Cytek Biosciences Inc. subject to short interest?
Stocks of Cytek Biosciences Inc. saw a sharp rise in short interest on Jul 30, 2023 jumping by 1.54 million shares to 12.02 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 10.48 million shares. A jump of 12.81% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 17.54 of the overall float, the days-to-cover ratio (short ratio) jumped to 17.54.
Which companies own the most shares of Cytek Biosciences Inc. (CTKB)?
According to BlackRock Fund Advisors filings, the company currently owns 14,111,317 shares, which is about 10.40% of the total CTKB shares outstanding. The investor’s shares have appreciated by 7,241,428 from its previous 13-F filing of 6869889.0 shares. With the completion of the sale transaction, RA Capital Management LP’s stake is now worth $110,187,580. Brown Capital Management LLC acquire a 24.77% interest valued at $96.16 million while The Vanguard Group, Inc. purchased a 2,694,051 stake. A total of -1,046,484 shares of Cytek Biosciences Inc. were bought by HHLR Advisors Ltd. during the quarter, and 1,348,163 were bought by SSgA Funds Management, Inc.. In its current portfolio, Geode Capital Management LLC holds 2,062,302 shares valued at $18.48 million.
In terms of Cytek Biosciences Inc. share price expectations, FactSet research, analysts set an average price target of $14.00 in the next 12 months, up nearly 76.54% from the previous closing price of $7.93. Analysts anticipate Cytek Biosciences Inc. stock to reach $17.00 by 2023, with the lowest price target being $11.00. In spite of this, 5 analysts ranked Cytek Biosciences Inc. stock as an Overweight at the end of 2023.