Gaxos.ai (NASDAQ:GXAI) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Gaxos.ai (NASDAQ:GXAI) issued its quarterly earnings data on Thursday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03, FiscalAI reports. The business had revenue of $2.81 million for the quarter, compared to the consensus estimate of $3.00 million. Gaxos.ai had a negative return on equity of 38.79% and a negative net margin of 64.81%.

Gaxos.ai Trading Up 3.8%

NASDAQ GXAI traded up $0.02 on Thursday, reaching $0.43. 9,966,415 shares of the company’s stock traded hands, compared to its average volume of 162,837. The stock has a 50 day moving average price of $0.52 and a 200-day moving average price of $1.01. Gaxos.ai has a fifty-two week low of $0.34 and a fifty-two week high of $2.63.

Gaxos.ai announced that its Board of Directors has approved a stock repurchase plan on Monday, August 3rd that allows the company to repurchase $1 million in shares. This buyback authorization allows the company to reacquire up to 18.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

GXAI has been the subject of a number of research analyst reports. Weiss Ratings lowered Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 14th. Wall Street Zen raised shares of Gaxos.ai from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

About Gaxos.ai

Gaxos.ai Inc. (NASDAQ: GXAI) is a technology company focused on developing artificial intelligence applications and tools. Its activities center on using AI to create interactive digital experiences and software products for consumers and businesses. The company’s stated areas of focus include gaming, wellness and productivity. In gaming, Gaxos.ai develops AI-enabled experiences designed to support dynamic content and user interaction. Its wellness and productivity initiatives are intended to apply artificial intelligence to personalized digital tools and applications.