Gaxos.ai Inc. (NASDAQ:GXAI) Shares Shorted: Short Interest Down 45.0% in September

Gaxos.ai Inc. (NASDAQ:GXAI) was the target of a significant drop in short interest during the month of September. As of September 30th, there was short interest totaling 226,819 shares, a drop of 45.0% from the September 15th total of 412,531 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average trading volume of 258,211 shares, the short-interest ratio is currently 0.9 days.

Gaxos.ai Stock Performance

Shares of NASDAQ:GXAI traded down $0.03 on Thursday, hitting $0.44. The stock had a trading volume of 109,534 shares, compared to its average volume of 5,178,920. Gaxos.ai has a twelve month low of $0.42 and a twelve month high of $2.63. The firm’s 50 day moving average price is $0.69 and its 200-day moving average price is $1.00. The company has a market capitalization of $4.68 million, a price-to-earnings ratio of -0.87 and a beta of 1.08.

Gaxos.ai (NASDAQ:GXAI) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.17. Gaxos.ai had a negative net margin of 64.81% and a negative return on equity of 38.79%. The firm had revenue of $2.46 million for the quarter, compared to analyst estimates of $1.80 million. As a group, sell-side analysts predict that Gaxos.ai will post -0.30 EPS for the current year.

Gaxos.ai announced that its Board of Directors has authorized a stock buyback program on Monday, August 3rd that permits the company to repurchase $1,000.00 billion in shares. This buyback authorization permits the company to repurchase up to 18,726,591.8% of its stock through open market purchases. Share buyback programs are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Gaxos.ai

An institutional investor recently bought a new stake in Gaxos.ai stock. Susquehanna International Group LLP purchased a new stake in Gaxos.ai Inc. (NASDAQ:GXAI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 56,353 shares of the company’s stock, valued at approximately $66,000. Susquehanna International Group LLP owned 0.79% of Gaxos.ai as of its most recent SEC filing. Institutional investors and hedge funds own 42.62% of the company’s stock.

Analysts Set New Price Targets

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

Gaxos.ai Company Profile

Gaxos.ai, Inc is a technology company focused on developing and commercializing artificial intelligence applications for consumer and enterprise markets. The company’s activities center primarily on gaming, health and wellness, and other software applications that use generative AI and related technologies.

Within gaming, Gaxos.ai works on AI-enabled experiences and tools designed to support game development and enhance interactions between players and digital characters. Its health and wellness initiatives are intended to apply artificial intelligence to consumer-oriented products and services.