Gaxos.ai Inc. (NASDAQ:GXAI) Short Interest Up 1,965.0% in August

Gaxos.ai Inc. (NASDAQ:GXAI) was the recipient of a large increase in short interest during the month of August. As of August 14th, there was short interest totaling 1,428,202 shares, an increase of 1,965.0% from the July 30th total of 69,161 shares. Currently, 20.7% of the shares of the company are sold short. Based on an average daily volume of 12,775,546 shares, the days-to-cover ratio is presently 0.1 days.

Gaxos.ai Stock Performance

Shares of GXAI stock opened at $0.83 on Thursday. The firm has a fifty day moving average of $1.01 and a 200-day moving average of $1.18. The stock has a market cap of $5.92 million, a price-to-earnings ratio of -1.66 and a beta of 0.94. Gaxos.ai has a 52-week low of $0.73 and a 52-week high of $2.63.

Gaxos.ai (NASDAQ:GXAI) last posted its earnings results on Wednesday, August 12th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.17. The business 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, sell-side analysts predict that Gaxos.ai will post -0.3 earnings per share for the current year.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Gaxos.ai from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings downgraded Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Institutional Trading of Gaxos.ai

Several institutional investors have recently bought and sold shares of the stock. DRW Securities LLC bought a new stake in Gaxos.ai in the fourth quarter valued at $213,000. Two Sigma Investments LP bought a new position in shares of Gaxos.ai during the third quarter valued at $90,000. XTX Topco Ltd acquired a new stake in shares of Gaxos.ai in the 2nd quarter valued at $48,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Gaxos.ai in the 2nd quarter valued at $66,000. Institutional investors and hedge funds own 42.62% of the company’s stock.

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.