Gaxos.ai (NASDAQ:GXAI) Announces Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Gaxos.ai (NASDAQ:GXAI) announced its quarterly earnings data on Wednesday. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.17, FiscalAI reports. Gaxos.ai had a negative net margin of 131.28% and a negative return on equity of 34.42%. The business had revenue of $2.46 million for the quarter, compared to analysts’ expectations of $1.80 million.

Gaxos.ai Stock Down 1.7%

Shares of NASDAQ:GXAI traded down $0.01 on Wednesday, hitting $0.87. 27,391,524 shares of the company traded hands, compared to its average volume of 5,930,081. The stock has a 50 day simple moving average of $1.10 and a 200-day simple moving average of $1.22. The company has a market cap of $6.20 million, a PE ratio of -1.38 and a beta of 0.94. Gaxos.ai has a 52 week low of $0.73 and a 52 week high of $2.96.

Gaxos.ai declared that its Board of Directors has authorized a stock repurchase plan on Monday, August 3rd that authorizes the company to buyback $1,000.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 18,726,591.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Gaxos.ai

Several institutional investors have recently bought and sold shares of the company. XTX Topco Ltd bought a new stake in Gaxos.ai during the 2nd quarter valued at about $48,000. Two Sigma Investments LP purchased a new position in Gaxos.ai in the third quarter worth about $90,000. Finally, DRW Securities LLC bought a new position in shares of Gaxos.ai in the fourth quarter worth approximately $213,000. 42.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Gaxos.ai currently has an average rating of “Sell”.

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.