Stock Buyback Plan Declared by Gaxos.ai (NASDAQ:GXAI)

Gaxos.ai (NASDAQ:GXAI) announced that its board has approved a stock repurchase program on Monday, August 3rd, RTT News reports. The company plans to buyback $1,000.00 billion in shares. This buyback authorization allows the company to reacquire up to 18,726,591.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Gaxos.ai Stock Up 8.9%

NASDAQ:GXAI traded up $0.07 on Monday, hitting $0.82. The stock had a trading volume of 1,209,252 shares, compared to its average volume of 262,877. The business’s fifty day moving average is $1.14 and its 200 day moving average is $1.23. The company has a market cap of $5.81 million, a PE ratio of -1.30 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 (NASDAQ:GXAI) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.05). Gaxos.ai had a negative net margin of 131.28% and a negative return on equity of 34.42%. The firm had revenue of $1.81 million for the quarter, compared to the consensus estimate of $1.60 million. Equities analysts predict that Gaxos.ai will post -0.64 earnings per share for the current fiscal year.

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.