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

Gaxos.ai (NASDAQ:GXAI) released its quarterly earnings data 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 64.81% and a negative return on equity of 40.45%.

Gaxos.ai Stock Down 28.8%

Gaxos.ai stock traded down $0.36 during trading hours on Friday, hitting $0.90. The stock had a trading volume of 5,741,372 shares, compared to its average volume of 6,473,313. The company has a 50-day moving average of $1.08 and a two-hundred day moving average of $1.22. Gaxos.ai has a fifty-two week low of $0.73 and a fifty-two week high of $2.96. The company has a market cap of $6.39 million, a PE ratio of -1.83 and a beta of 0.94.

Hedge Funds Weigh In On Gaxos.ai

A number of hedge funds have recently made changes to their positions in GXAI. XTX Topco Ltd lifted its stake in Gaxos.ai by 197.4% during 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 during the period. DRW Securities LLC bought a new position in Gaxos.ai in the 4th quarter valued at $213,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Gaxos.ai in the third quarter valued at $90,000. Institutional investors and hedge funds own 42.62% of the company’s stock.

Gaxos.ai announced that its board has authorized a stock buyback plan on Monday, August 3rd that authorizes the company to repurchase $1,000.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 18,726,591.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

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

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.