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

Gaxos.ai Inc. (NASDAQ:GXAI) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 411,293 shares, a drop of 71.2% from the August 15th total of 1,428,202 shares. Based on an average trading volume of 768,413 shares, the days-to-cover ratio is currently 0.5 days. Approximately 6.0% of the company’s shares are short sold.

Gaxos.ai Stock Down 8.5%

Gaxos.ai stock traded down $0.06 during midday trading on Friday, hitting $0.68. 304,133 shares of the stock were exchanged, compared to its average volume of 1,043,369. The stock has a market capitalization of $4.84 million, a PE ratio of -1.36 and a beta of 0.96. The company has a fifty day simple moving average of $0.91 and a two-hundred day simple moving average of $1.14. Gaxos.ai has a 52 week low of $0.68 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, topping the consensus estimate of ($0.15) by $0.17. Gaxos.ai had a negative net margin of 64.81% and a negative return on equity of 38.79%. The company had revenue of $2.46 million for the quarter, compared to analyst estimates of $1.80 million. As a group, equities research analysts anticipate that Gaxos.ai will post -0.3 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on GXAI shares. Weiss Ratings raised Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. Wall Street Zen raised Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Gaxos.ai currently has an average rating of “Sell”.

Institutional Investors Weigh In On Gaxos.ai

Large investors have recently modified their holdings of the business. XTX Topco Ltd bought a new position in shares of Gaxos.ai during the 2nd quarter valued at about $48,000. Susquehanna International Group LLP acquired a new stake in Gaxos.ai during the 2nd quarter worth approximately $66,000. Two Sigma Investments LP acquired a new stake in Gaxos.ai during the 3rd quarter worth approximately $90,000. Finally, DRW Securities LLC bought a new position in Gaxos.ai in the fourth quarter valued at approximately $213,000. 42.62% of the stock is currently 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.