Gaxos.ai Inc. (NASDAQ:GXAI) Sees Large Decline in Short Interest

Gaxos.ai Inc. (NASDAQ:GXAI) was the target of a significant drop in short interest in 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. Currently, 1.0% of the company’s stock are sold short. Based on an average daily trading volume, of 273,130 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd purchased a new stake in shares of Gaxos.ai during the second quarter valued at approximately $48,000. Two Sigma Investments LP purchased a new position in Gaxos.ai in the 3rd quarter worth approximately $90,000. Finally, DRW Securities LLC bought a new position in Gaxos.ai in the 4th quarter valued at approximately $213,000. Institutional investors own 42.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GXAI shares. Weiss Ratings upgraded shares of Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Wall Street Zen raised shares of Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

Gaxos.ai Stock Down 34.1%

Shares of NASDAQ GXAI traded down $0.43 during trading on Friday, reaching $0.83. The company had a trading volume of 10,487,990 shares, compared to its average volume of 6,114,705. Gaxos.ai has a 12-month low of $0.73 and a 12-month high of $2.96. The business’s 50-day moving average is $1.07 and its 200 day moving average is $1.22. The stock has a market cap of $5.91 million, a PE ratio of -1.66 and a beta of 0.94.

Gaxos.ai (NASDAQ:GXAI) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.17. The company had revenue of $2.46 million for the quarter, compared to analysts’ expectations of $1.80 million. Gaxos.ai had a negative net margin of 64.81% and a negative return on equity of 38.79%. On average, analysts anticipate that Gaxos.ai will post -0.64 earnings per share for the current year.

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