Gaxos.ai Inc. (NASDAQ:GXAI) Stock Short Interest Declines 45.0%

Gaxos.ai Inc. (NASDAQ:GXAI) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totaling 226,819 shares, a drop of 45.0% from the September 15th total of 412,531 shares. Based on an average daily volume of 258,211 shares, the days-to-cover ratio is currently 0.9 days. Approximately 2.2% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings downgraded shares of Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, September 14th. Wall Street Zen raised shares of Gaxos.ai from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Gaxos.ai Trading Down 1.3%

GXAI stock traded down $0.01 during mid-day trading on Friday, hitting $0.42. 65,240 shares of the company were exchanged, compared to its average volume of 229,052. Gaxos.ai has a 1-year low of $0.42 and a 1-year high of $2.63. The stock has a market capitalization of $4.52 million, a PE ratio of -0.84 and a beta of 1.08. The business has a 50 day simple moving average of $0.68 and a 200-day simple moving average of $0.99.

Gaxos.ai (NASDAQ:GXAI) last posted its earnings results on Wednesday, August 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate 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%. Equities research analysts expect that Gaxos.ai will post -0.30 earnings per share for the current year.

Gaxos.ai announced that its board has initiated a stock buyback plan on Monday, August 3rd that permits the company to repurchase $1,000.00 billion in shares. This repurchase authorization permits the company to repurchase up to 18,726,591.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Gaxos.ai stock. Susquehanna International Group LLP acquired a new position in shares of Gaxos.ai Inc. (NASDAQ:GXAI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 56,353 shares of the company’s stock, valued at approximately $66,000. Susquehanna International Group LLP owned 0.79% of Gaxos.ai at the end of the most recent reporting period. 42.62% of the stock is owned by institutional investors and hedge funds.

Gaxos.ai Company Profile

Gaxos.ai, Inc is a technology company focused on developing and commercializing artificial intelligence applications for consumer and enterprise markets. The company’s activities center primarily on gaming, health and wellness, and other software applications that use generative AI and related technologies.

Within gaming, Gaxos.ai works on AI-enabled experiences and tools designed to support game development and enhance interactions between players and digital characters. Its health and wellness initiatives are intended to apply artificial intelligence to consumer-oriented products and services.