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

Gaxos.ai Inc. (NASDAQ:GXAI) shares fell 1.9% during trading on Monday . The company traded as low as $1.04 and last traded at $1.06. Approximately 268,241 shares changed hands during trading, a decline of 9% from the average session volume of 293,902 shares. The stock had previously closed at $1.08.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Gaxos.ai from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Gaxos.ai Price Performance

The stock has a market capitalization of $7.55 million, a PE ratio of -1.68 and a beta of 0.83. The stock’s 50 day simple moving average is $1.18 and its two-hundred day simple moving average is $1.25.

Gaxos.ai (NASDAQ:GXAI) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $1.81 million for the quarter, compared to analysts’ expectations of $1.60 million. As a group, equities research analysts predict that Gaxos.ai Inc. will post -0.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gaxos.ai

Several institutional investors and hedge funds have recently bought and sold shares of the company. DRW Securities LLC purchased a new stake in Gaxos.ai in the fourth quarter worth $213,000. Two Sigma Investments LP bought a new stake in shares of Gaxos.ai in the third quarter valued at $90,000. Finally, XTX Topco Ltd lifted its position in shares of Gaxos.ai by 197.4% during the 4th quarter. XTX Topco Ltd now owns 44,811 shares of the company’s stock valued at $48,000 after buying an additional 29,745 shares during the last quarter. 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.