Wall Street Zen Upgrades Gaxos.ai (NASDAQ:GXAI) to “Hold”

Gaxos.ai (NASDAQ:GXAI) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings raised shares of 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, the company presently has an average rating of “Sell”.

Gaxos.ai Stock Performance

Shares of Gaxos.ai stock opened at $0.83 on Friday. The firm has a 50-day moving average of $1.07 and a 200-day moving average of $1.21. The stock has a market cap of $5.91 million, a PE 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 released its quarterly earnings results on Wednesday, August 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate 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 business had revenue of $2.46 million for the quarter, compared to the consensus estimate of $1.80 million. Equities research analysts predict that Gaxos.ai will post -0.64 earnings per share for the current fiscal year.

Gaxos.ai declared that its Board of Directors 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 repurchase up to 18,726,591.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Gaxos.ai

Institutional investors have recently modified their holdings of the stock. XTX Topco Ltd bought a new position in shares of Gaxos.ai in the second quarter worth $48,000. Two Sigma Investments LP bought a new stake in Gaxos.ai during the third quarter worth about $90,000. Finally, DRW Securities LLC bought a new stake in Gaxos.ai during the fourth quarter worth about $213,000. 42.62% of the stock is currently owned by institutional investors.

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.