Gaxos.ai (NASDAQ:GXAI) Announces Stock Repurchase Plan

Gaxos.ai (NASDAQ:GXAI) announced that its Board of Directors has authorized a stock repurchase program on Monday, August 3rd, RTT News reports. The company plans to buyback $1,000.00 billion in shares. This buyback authorization authorizes the company to buy up to 18,726,591.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Gaxos.ai Stock Down 4.9%

NASDAQ GXAI opened at $0.86 on Thursday. Gaxos.ai has a 52-week low of $0.73 and a 52-week high of $2.96. The business’s 50-day moving average price is $1.13 and its 200 day moving average price is $1.23. The firm has a market cap of $6.13 million, a P/E ratio of -1.37 and a beta of 0.94.

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Gaxos.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Gaxos.ai presently has an average rating of “Sell”.

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.