Gaxos.ai (NASDAQ:GXAI) Shares Down 4.2% – Here’s Why

Gaxos.ai Inc. (NASDAQ:GXAI)’s stock price traded down 4.2% during mid-day trading on Wednesday . The company traded as low as $1.14 and last traded at $1.14. Approximately 833,877 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 6,160,605 shares. The stock had previously closed at $1.19.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wall Street Zen lowered Gaxos.ai to a “strong sell” rating in a report on Saturday, March 7th. Weiss Ratings downgraded Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Gaxos.ai currently has a consensus rating of “Sell”.

Gaxos.ai Price Performance

The company has a market capitalization of $8.33 million, a P/E ratio of -1.86 and a beta of 0.85. The company’s 50-day moving average price is $1.23 and its two-hundred day moving average price is $1.24.

Gaxos.ai (NASDAQ:GXAI) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.05). The firm had revenue of $1.81 million for the quarter, compared to the consensus estimate of $1.60 million. Gaxos.ai had a negative return on equity of 34.42% and a negative net margin of 131.28%. On average, analysts anticipate that Gaxos.ai Inc. will post -0.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gaxos.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. XTX Topco Ltd lifted its position in Gaxos.ai by 197.4% during the fourth quarter. XTX Topco Ltd now owns 44,811 shares of the company’s stock worth $48,000 after purchasing an additional 29,745 shares during the period. DRW Securities LLC bought a new stake in shares of Gaxos.ai during the fourth quarter worth about $213,000. Finally, Two Sigma Investments LP acquired a new position in Gaxos.ai in the 3rd quarter valued at approximately $90,000. 42.62% of the stock is currently owned by institutional investors and hedge funds.

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.