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

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

Gaxos.ai Stock Performance

NASDAQ GXAI traded down $0.01 during trading on Friday, reaching $0.41. 772,348 shares of the company’s stock were exchanged, compared to its average volume of 4,747,703. The stock has a market cap of $4.46 million, a P/E ratio of -0.84 and a beta of 1.13. The company has a 50 day moving average price of $0.52 and a two-hundred day moving average price of $1.01. Gaxos.ai has a 1 year low of $0.34 and a 1 year high of $2.63.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GXAI shares. Wall Street Zen raised shares of Gaxos.ai from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings cut shares of Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, September 14th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, Gaxos.ai has an average rating of “Sell”.

About Gaxos.ai

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.