12 Cash-Rich Penny Stocks To Buy According To Hedge Funds

9. Cytek Biosciences, Inc. (NASDAQ:CTKB)

TTM Operating Cash Flow as of December 31, 2024: $25,379,000

Number of Hedge Fund Holders: 19

Share Price as of March 4: $4.315

Cytek Biosciences, Inc. (NASDAQ:CTKB) develops advanced cell analysis tools used in biomedical research and clinical applications. Its products include flow cytometers, cell sorters, imaging systems, and reagent kits designed for immune cell profiling. CTKB ranks 9th on our list of the best cash-rich stocks to buy. On December 30, 2024, the company’s board approved a new $50 million share repurchase program, set to begin on January 1, 2025, following the expiration of the current program at the end of 2024. The program will run through December 31, 2025.

In 2024, Cytek Biosciences, Inc. (NASDAQ:CTKB) saw a 4% revenue increase, hitting $200.5 million, supported by robust service revenue and international sales. The company also saw an 8.5% rise in Full Spectrum Profiling and imaging instrument placements, outpacing the broader flow cytometry market. To return value to shareholders, Cytek repurchased 4 million shares in 2024 and commenced a new $50 million buyback program in late December.

According to Insider Monkey’s fourth quarter database, 19 hedge funds reported owning stakes in Cytek Biosciences, Inc. (NASDAQ:CTKB), compared to 12 funds in the last quarter. Lei Zhang’s Hillhouse Capital Management was the biggest stakeholder of the company, with 6.65 million shares worth $43.2 million.