Gaxos.ai (NASDAQ:GXAI) Stock Price Down 4.2% – Here’s What Happened

Gaxos.ai Inc. (NASDAQ:GXAI)’s share price was down 4.2% during mid-day trading on Wednesday . The company traded as low as $1.14 and last traded at $1.14. 833,877 shares traded hands during trading, a decline of 86% from the average session volume of 6,160,605 shares. The stock had previously closed at $1.19.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GXAI. Weiss Ratings cut Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, June 12th. Wall Street Zen cut shares of Gaxos.ai to a “strong sell” rating in a research report on Saturday, March 7th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Gaxos.ai currently has an average rating of “Sell”.

Gaxos.ai Stock Performance

The firm has a 50 day moving average of $1.23 and a two-hundred day moving average of $1.24. The stock has a market cap of $8.12 million, a P/E ratio of -1.81 and a beta of 0.85.

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

Hedge Funds Weigh In On Gaxos.ai

A number of institutional investors have recently modified their holdings of GXAI. XTX Topco Ltd bought a new position in shares of Gaxos.ai in the 2nd quarter valued at about $48,000. Two Sigma Investments LP acquired a new stake in Gaxos.ai during the 3rd quarter worth $90,000. Finally, DRW Securities LLC acquired a new stake in shares of Gaxos.ai during the fourth quarter worth about $213,000. 42.62% of the stock is 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.