Gaxos.ai Inc. (NASDAQ:GXAI) Short Interest Up 1,965.0% in August

Gaxos.ai Inc. (NASDAQ:GXAI) was the recipient of a significant increase in short interest in the month of August. As of August 14th, there was short interest totaling 1,428,202 shares, an increase of 1,965.0% from the July 30th total of 69,161 shares. Based on an average trading volume of 12,775,546 shares, the short-interest ratio is presently 0.1 days. Approximately 20.7% of the company’s shares are short sold.

Analyst Ratings Changes

GXAI has been the subject of a number of research reports. Wall Street Zen upgraded Gaxos.ai from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings cut shares of Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

Institutional Investors Weigh In On Gaxos.ai

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new position in Gaxos.ai in the 2nd quarter worth $48,000. Two Sigma Investments LP acquired a new stake in shares of Gaxos.ai during the third quarter valued at about $90,000. DRW Securities LLC purchased a new stake in shares of Gaxos.ai during the fourth quarter worth about $213,000. Finally, Susquehanna International Group LLP purchased a new stake in shares of Gaxos.ai during the second quarter worth about $66,000. Hedge funds and other institutional investors own 42.62% of the company’s stock.

Gaxos.ai Stock Down 3.7%

NASDAQ GXAI traded down $0.03 on Tuesday, reaching $0.82. The company had a trading volume of 332,097 shares, compared to its average volume of 6,942,118. Gaxos.ai has a 1 year low of $0.73 and a 1 year high of $2.63. The firm has a 50-day moving average of $1.02 and a 200-day moving average of $1.18.

Gaxos.ai (NASDAQ:GXAI) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $0.02 earnings per share (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 company 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 -0.3 EPS for the current fiscal year.

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

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.