Brand Engagement Network (NASDAQ:BNAI) Stock Price Down 6.1% – Here’s Why

Brand Engagement Network Inc. (NASDAQ:BNAI) traded down 6.1% during trading on Thursday . The stock traded as low as $13.60 and last traded at $14.24. 222,514 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 328,023 shares. The stock had previously closed at $15.16.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Brand Engagement Network in a report on Monday, April 20th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of “Sell”.

Brand Engagement Network Stock Down 0.9%

The business has a 50-day moving average price of $19.12 and a 200-day moving average price of $24.36. The firm has a market capitalization of $82.68 million, a PE ratio of -7.80 and a beta of 0.38.

Brand Engagement Network (NASDAQ:BNAI) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.20) by $0.69. Brand Engagement Network had a negative return on equity of 235.73% and a negative net margin of 2,189.33%.The company had revenue of $0.10 million for the quarter, compared to analyst estimates of $0.30 million.

Hedge Funds Weigh In On Brand Engagement Network

Large investors have recently modified their holdings of the business. Barclays PLC acquired a new stake in shares of Brand Engagement Network during the 4th quarter worth about $33,000. XTX Topco Ltd lifted its position in Brand Engagement Network by 197.9% in the second quarter. XTX Topco Ltd now owns 73,684 shares of the company’s stock valued at $32,000 after buying an additional 48,951 shares during the last quarter. Finally, Themes Management Co LLC acquired a new position in Brand Engagement Network in the first quarter valued at about $2,105,000. Institutional investors and hedge funds own 15.80% of the company’s stock.

About Brand Engagement Network

Brand Engagement Network, Inc provides conversational AI assistants. The company offers security-focused, multimodal communication, and human-like assistants. Its AI assistants are built on proprietary natural language processing, anomaly detection, multisensory awareness, sentiment, and environmental analysis, as well as real-time individuation and personalization capabilities. It serves the automotive, healthcare, and other industries through direct sales force and channel partners. Brand Engagement Network, Inc was formerly known as Blockchain Exchange Network Inc and changed its name to Brand Engagement Network, Inc in April 2023.