Brand Engagement Network (NASDAQ:BNAI) Trading 35.7% Higher – Here’s What Happened

Brand Engagement Network Inc. (NASDAQ:BNAI)’s stock price traded up 35.7% during mid-day trading on Friday . The stock traded as high as $30.90 and last traded at $22.17. 9,295,810 shares changed hands during mid-day trading, an increase of 3,084% from the average session volume of 291,941 shares. The stock had previously closed at $16.34.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Brand Engagement Network from a “sell” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Brand Engagement Network in a research report on Monday, April 20th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Brand Engagement Network Price Performance

The company’s 50-day simple moving average is $29.27 and its 200-day simple moving average is $21.71. The company has a market cap of $129.92 million, a price-to-earnings ratio of -12.25 and a beta of 0.38.

Brand Engagement Network (NASDAQ:BNAI) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.20) by $0.69. Brand Engagement Network had a negative net margin of 2,189.33% and a negative return on equity of 235.73%. The company had revenue of $0.10 million during the quarter, compared to the consensus estimate of $0.30 million.

Institutional Trading of Brand Engagement Network

Hedge funds have recently made changes to their positions in the stock. Barclays PLC acquired a new stake in shares of Brand Engagement Network during the fourth quarter worth approximately $33,000. XTX Topco Ltd grew its position in shares of Brand Engagement Network by 197.9% during the second quarter. XTX Topco Ltd now owns 73,684 shares of the company’s stock worth $32,000 after buying an additional 48,951 shares in the last quarter. Finally, Themes Management Co LLC acquired a new stake in shares of Brand Engagement Network during the first quarter worth approximately $2,105,000. Institutional investors and hedge funds own 15.80% of the company’s stock.

About Brand Engagement Network

Brand Engagement Network, Inc provides conversational AI assistants. The company offers security-focused, multimodal communication, and human-like assistants. Its AI assistants are built on proprietary natural language processing, anomaly detection, multisensory awareness, sentiment, and environmental analysis, as well as real-time individuation and personalization capabilities. It serves the automotive, healthcare, and other industries through direct sales force and channel partners. Brand Engagement Network, Inc was formerly known as Blockchain Exchange Network Inc and changed its name to Brand Engagement Network, Inc in April 2023.