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

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

Gaxos.ai Stock Down 1.7%

Shares of NASDAQ:GXAI traded down $0.01 during trading on Wednesday, hitting $0.87. The stock had a trading volume of 27,391,524 shares, compared to its average volume of 5,930,081. Gaxos.ai has a 12 month low of $0.73 and a 12 month high of $2.96. The company has a market capitalization of $6.20 million, a PE ratio of -1.38 and a beta of 0.94. The firm’s fifty day moving average is $1.10 and its 200 day moving average is $1.22.

Gaxos.ai declared that its board has authorized a share repurchase program on Monday, August 3rd that permits the company to buyback $1,000.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 18,726,591.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Gaxos.ai

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GXAI. XTX Topco Ltd raised 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 worth $48,000 after purchasing an additional 29,745 shares in the last quarter. DRW Securities LLC purchased a new position in Gaxos.ai during the fourth quarter valued at $213,000. Finally, Two Sigma Investments LP bought a new stake in shares of Gaxos.ai during the 3rd quarter valued at $90,000. 42.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus 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.