Gaxos.ai (NASDAQ:GXAI) to Repurchase $1,000.00 billion in Outstanding Shares

Gaxos.ai (NASDAQ:GXAI) announced that its Board of Directors has approved a share buyback plan on Monday, August 3rd, RTT News reports. The company plans to buyback $1,000.00 billion in shares. This buyback authorization allows the company to repurchase up to 18,726,591.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Gaxos.ai has a consensus rating of “Sell”.

Gaxos.ai Stock Up 8.9%

GXAI traded up $0.07 during trading on Monday, hitting $0.82. 1,209,252 shares of the company traded hands, compared to its average volume of 262,877. Gaxos.ai has a one year low of $0.73 and a one year high of $2.96. The stock’s fifty day moving average is $1.14 and its 200 day moving average is $1.23. The firm has a market cap of $5.81 million, a P/E ratio of -1.30 and a beta of 0.94.

Gaxos.ai (NASDAQ:GXAI) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.05). The company had revenue of $1.81 million during the quarter, compared to the consensus estimate of $1.60 million. Gaxos.ai had a negative return on equity of 34.42% and a negative net margin of 131.28%. On average, equities research analysts forecast that Gaxos.ai will post -0.64 EPS for the current fiscal year.

Gaxos.ai Company Profile

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.