Gaxos.ai (NASDAQ:GXAI) Shares Down 1.9% – Here’s What Happened

Gaxos.ai Inc. (NASDAQ:GXAI)’s stock price traded down 1.9% during mid-day trading on Monday . The stock traded as low as $1.04 and last traded at $1.06. 268,241 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 293,902 shares. The stock had previously closed at $1.08.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. One equities 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 Trading Down 1.9%

The firm has a market capitalization of $7.55 million, a PE ratio of -1.68 and a beta of 0.83. The business has a 50-day moving average of $1.18 and a 200 day moving average of $1.25.

Gaxos.ai (NASDAQ:GXAI) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.05). Gaxos.ai had a negative return on equity of 34.42% and a negative net margin of 131.28%.The firm had revenue of $1.81 million for the quarter, compared to analysts’ expectations of $1.60 million. On average, sell-side analysts expect that Gaxos.ai Inc. will post -0.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. XTX Topco Ltd grew its position in Gaxos.ai by 197.4% in the 4th quarter. XTX Topco Ltd now owns 44,811 shares of the company’s stock worth $48,000 after purchasing an additional 29,745 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of Gaxos.ai during the 3rd quarter worth approximately $90,000. Finally, DRW Securities LLC bought a new position in shares of Gaxos.ai during the 4th quarter worth approximately $213,000. 42.62% of the stock is owned by institutional investors.

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.