Gaxos.ai (NASDAQ:GXAI) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Gaxos.ai (NASDAQ:GXAI) from a sell rating to a hold rating in a report published on Saturday.

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

Gaxos.ai Stock Performance

GXAI stock opened at $0.83 on Friday. The business has a 50-day simple moving average of $1.07 and a two-hundred day simple moving average of $1.22. The company has a market capitalization of $5.91 million, a P/E ratio of -1.66 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 issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.17. Gaxos.ai had a negative return on equity of 38.79% and a negative net margin of 64.81%.The firm had revenue of $2.46 million during the quarter, compared to the consensus estimate of $1.80 million. As a group, sell-side analysts forecast that Gaxos.ai will post -0.64 earnings per share for the current fiscal year.

Gaxos.ai announced that its Board of Directors has approved a share buyback program on Monday, August 3rd that allows the company to buyback $1,000.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 18,726,591.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. XTX Topco Ltd bought a new position in Gaxos.ai in the 2nd quarter valued at $48,000. Two Sigma Investments LP bought a new stake in shares of Gaxos.ai during the 3rd quarter worth $90,000. Finally, DRW Securities LLC bought a new stake in shares of Gaxos.ai during the 4th quarter worth $213,000. Hedge funds and other institutional investors own 42.62% of the company’s stock.

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.