Gaxos.ai Inc. (NASDAQ:GXAI) Short Interest Update

Gaxos.ai Inc. (NASDAQ:GXAI) was the recipient of a significant drop in short interest during the month of 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. Based on an average daily volume of 273,130 shares, the days-to-cover ratio is presently 0.3 days. Approximately 1.0% of the shares of the company are short sold.

Gaxos.ai Price Performance

GXAI stock traded down $0.43 during midday trading on Friday, hitting $0.83. 10,487,990 shares of the stock traded hands, compared to its average volume of 6,114,705. The stock’s fifty day simple moving average is $1.07 and its 200-day simple moving average is $1.22. The firm has a market cap of $5.91 million, a P/E ratio of -1.66 and a beta of 0.94. Gaxos.ai has a 1-year low of $0.73 and a 1-year high of $2.96.

Gaxos.ai (NASDAQ:GXAI) last issued its quarterly earnings data 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 analyst estimates of $1.80 million. Gaxos.ai had a negative return on equity of 38.79% and a negative net margin of 64.81%. On average, research analysts predict that Gaxos.ai will post -0.64 earnings per share for the current year.

Gaxos.ai announced that its Board of Directors has initiated a stock repurchase program on Monday, August 3rd that allows the company to buyback $1,000.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 18,726,591.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Gaxos.ai

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd increased its stake in shares of Gaxos.ai by 197.4% in the 4th quarter. XTX Topco Ltd now owns 44,811 shares of the company’s stock worth $48,000 after acquiring an additional 29,745 shares during the last quarter. DRW Securities LLC purchased a new position in shares of Gaxos.ai during the 4th quarter worth $213,000. Finally, Two Sigma Investments LP acquired a new position in shares of Gaxos.ai during the 3rd quarter valued at about $90,000. Institutional investors and hedge funds own 42.62% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on GXAI. Weiss Ratings lowered Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. Wall Street Zen upgraded shares of Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

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.