Gaxos.ai Inc. (NASDAQ:GXAI) Sees Significant Decrease in Short Interest

Gaxos.ai Inc. (NASDAQ:GXAI) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totaling 226,819 shares, a decrease of 45.0% from the September 15th total of 412,531 shares. Currently, 2.2% of the shares of the company are sold short. Based on an average daily volume of 258,211 shares, the days-to-cover ratio is currently 0.9 days.

Gaxos.ai Stock Performance

Shares of NASDAQ GXAI traded down $0.03 during trading on Thursday, hitting $0.44. The company had a trading volume of 109,534 shares, compared to its average volume of 5,178,920. The company has a market cap of $4.68 million, a P/E ratio of -0.87 and a beta of 1.08. Gaxos.ai has a 52 week low of $0.42 and a 52 week high of $2.63. The business’s 50-day moving average is $0.69 and its 200 day moving average is $1.00.

Gaxos.ai (NASDAQ:GXAI) last released its quarterly 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 during 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 expect that Gaxos.ai will post -0.30 EPS for the current year.

Gaxos.ai announced that its Board of Directors has initiated a stock buyback program on Monday, August 3rd that permits the company to repurchase $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. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

GXAI has been the topic of several recent analyst reports. Wall Street Zen raised Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings lowered Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, September 14th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Institutional Trading of Gaxos.ai

A hedge fund recently bought a new stake in Gaxos.ai stock. Susquehanna International Group LLP bought a new position in shares of Gaxos.ai Inc. (NASDAQ:GXAI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 56,353 shares of the company’s stock, valued at approximately $66,000. Susquehanna International Group LLP owned about 0.79% of Gaxos.ai at the end of the most recent reporting period. 42.62% of the stock is currently owned by hedge funds and other institutional investors.

Gaxos.ai Company Profile

Gaxos.ai, Inc is a technology company focused on developing and commercializing artificial intelligence applications for consumer and enterprise markets. The company’s activities center primarily on gaming, health and wellness, and other software applications that use generative AI and related technologies.

Within gaming, Gaxos.ai works on AI-enabled experiences and tools designed to support game development and enhance interactions between players and digital characters. Its health and wellness initiatives are intended to apply artificial intelligence to consumer-oriented products and services.