Gaxos.ai (NASDAQ:GXAI) Issues Quarterly Earnings Results

Gaxos.ai (NASDAQ:GXAI) announced its quarterly earnings results on Wednesday. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.17, FiscalAI reports. The firm had revenue of $2.46 million during the quarter, compared to analysts’ expectations of $1.80 million. Gaxos.ai had a negative net margin of 131.28% and a negative return on equity of 34.42%.

Gaxos.ai Price Performance

NASDAQ GXAI traded down $0.01 during mid-day trading on Wednesday, reaching $0.87. 27,391,524 shares of the stock were exchanged, compared to its average volume of 5,930,081. The stock has a market cap of $6.20 million, a P/E ratio of -1.38 and a beta of 0.94. Gaxos.ai has a one year low of $0.73 and a one year high of $2.96. The stock has a 50 day simple moving average of $1.10 and a 200-day simple moving average of $1.22.

Gaxos.ai declared that its Board of Directors has authorized a share repurchase program on Monday, August 3rd that permits the company to buyback $1,000.00 billion in shares. This buyback authorization permits the company to buy up to 18,726,591.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Separately, Weiss Ratings raised Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Gaxos.ai currently has an average rating of “Sell”.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. XTX Topco Ltd acquired a new position in shares of Gaxos.ai in the 2nd quarter valued at about $48,000. Two Sigma Investments LP acquired a new stake in Gaxos.ai during the third quarter worth approximately $90,000. Finally, DRW Securities LLC bought a new stake in Gaxos.ai in the fourth quarter worth approximately $213,000. 42.62% of the stock is owned by institutional investors.

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.