Gaxos.ai Inc. (NASDAQ:GXAI – Get Free Report) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 69,161 shares, a drop of 55.2% from the July 15th total of 154,456 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily volume of 273,130 shares, the short-interest ratio is presently 0.3 days.
Hedge Funds Weigh In On Gaxos.ai
Institutional investors and hedge funds have recently made changes to their positions in the business. DRW Securities LLC bought a new stake in Gaxos.ai during the fourth quarter valued at approximately $213,000. Two Sigma Investments LP bought a new position in Gaxos.ai in the third quarter worth approximately $90,000. Finally, XTX Topco Ltd bought a new position in Gaxos.ai in the second quarter worth approximately $48,000. Hedge funds and other institutional investors own 42.62% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on GXAI. Weiss Ratings upgraded Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Wall Street Zen upgraded Gaxos.ai from a “sell” rating to a “hold” rating in a report on Saturday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.
Gaxos.ai Price Performance
Shares of GXAI traded down $0.43 during trading hours on Friday, hitting $0.83. The stock had a trading volume of 10,487,990 shares, compared to its average volume of 6,114,705. The firm has a market capitalization of $5.91 million, a PE ratio of -1.66 and a beta of 0.94. Gaxos.ai has a 12 month low of $0.73 and a 12 month high of $2.96. The stock has a fifty day moving average price of $1.07 and a 200 day moving average price of $1.22.
Gaxos.ai (NASDAQ:GXAI – Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.17. The company had revenue of $2.46 million for the quarter, compared to the consensus estimate of $1.80 million. Gaxos.ai had a negative return on equity of 38.79% and a negative net margin of 64.81%. As a group, analysts anticipate that Gaxos.ai will post -0.64 EPS for the current fiscal year.
Gaxos.ai announced that its board has approved a stock buyback plan on Monday, August 3rd that allows the company to buyback $1,000.00 billion in shares. This buyback authorization allows the company to buy up to 18,726,591.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
About Gaxos.ai
Gaxos.ai Inc engages in developing artificial intelligence applications for various sectors. Its portfolio includes applications in mental and physical wellbeing, coaching, and gaming. In addition, it offers Gaxos, a gaming platform develop, design, acquire, and manage conventional games and combine these games with unconventional game mechanisms. The company was formerly known as The NFT Gaming Company, Inc and changed its name to Gaxos.ai Inc in January 2024. Gaxos.ai Inc was incorporated in 2021 and is based in Roseland, New Jersey.
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