Short Interest in Gaxos.ai Inc. (NASDAQ:GXAI) Grows By 1,965.0%

Gaxos.ai Inc. (NASDAQ:GXAI) was the recipient of a large growth in short interest during the month of August. As of August 14th, there was short interest totaling 1,428,202 shares, a growth of 1,965.0% from the July 30th total of 69,161 shares. Based on an average daily volume of 12,775,546 shares, the short-interest ratio is currently 0.1 days. Currently, 20.7% of the company’s shares are short sold.

Gaxos.ai Stock Performance

Shares of GXAI opened at $0.82 on Wednesday. The company’s 50-day simple moving average is $1.02 and its 200-day simple moving average is $1.18. Gaxos.ai has a 1 year low of $0.73 and a 1 year high of $2.63. The stock has a market capitalization of $5.80 million, a PE ratio of -1.63 and a beta of 0.94.

Gaxos.ai (NASDAQ:GXAI) last announced its quarterly earnings data 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. Gaxos.ai had a negative net margin of 64.81% and a negative return on equity of 38.79%. The firm had revenue of $2.46 million during the quarter, compared to analysts’ expectations of $1.80 million. On average, sell-side analysts predict that Gaxos.ai will post -0.3 earnings per share for the current year.

Gaxos.ai declared that its Board of Directors has approved a stock buyback plan on Monday, August 3rd that allows the company to repurchase $1,000.00 billion in shares. This repurchase authorization allows the company to reacquire up to 18,726,591.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have commented on GXAI shares. Weiss Ratings cut Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 13th. Wall Street Zen raised Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Gaxos.ai

Several institutional investors have recently modified their holdings of GXAI. Susquehanna International Group LLP acquired a new stake in shares of Gaxos.ai in the second quarter valued at $66,000. XTX Topco Ltd boosted its holdings in Gaxos.ai by 197.4% in the fourth quarter. XTX Topco Ltd now owns 44,811 shares of the company’s stock valued at $48,000 after purchasing an additional 29,745 shares during the period. DRW Securities LLC acquired a new position in Gaxos.ai during the 4th quarter worth $213,000. Finally, Two Sigma Investments LP acquired a new position in Gaxos.ai during the 3rd quarter worth $90,000. Institutional investors and hedge funds own 42.62% of the company’s stock.

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.