Gaxos.ai (NASDAQ:GXAI) Issues Quarterly Earnings Results

Gaxos.ai (NASDAQ:GXAI) posted its quarterly earnings results on Thursday. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.03, FiscalAI reports. Gaxos.ai had a negative net margin of 64.81% and a negative return on equity of 38.79%. The firm had revenue of $2.81 million for the quarter, compared to analyst estimates of $3.00 million.

Gaxos.ai Trading Up 3.8%

GXAI stock traded up $0.02 during mid-day trading on Thursday, hitting $0.43. 9,966,415 shares of the company were exchanged, compared to its average volume of 162,837. The business has a 50 day simple moving average of $0.52 and a 200-day simple moving average of $1.01. The stock has a market capitalization of $4.58 million, a PE ratio of -0.85 and a beta of 1.13. Gaxos.ai has a 1-year low of $0.34 and a 1-year high of $2.63.

Gaxos.ai declared that its board has authorized a stock buyback plan on Monday, August 3rd that authorizes the company to buy back $1 million in shares. This repurchase authorization authorizes the company to reacquire up to 18.7% of its stock through open market purchases. Share repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GXAI shares. Wall Street Zen upgraded shares of Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings downgraded 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, Gaxos.ai currently has an average rating of “Sell”.

Gaxos.ai Company Profile

Gaxos.ai Inc. (NASDAQ: GXAI) is a technology company focused on developing artificial intelligence applications and tools. Its activities center on using AI to create interactive digital experiences and software products for consumers and businesses. The company’s stated areas of focus include gaming, wellness and productivity. In gaming, Gaxos.ai develops AI-enabled experiences designed to support dynamic content and user interaction. Its wellness and productivity initiatives are intended to apply artificial intelligence to personalized digital tools and applications.